Have you checked out Chronica Feudalis? Low magic, specially designed for historical role playing. Some version of historical Europe would be the assumed setting.http://chronicafeudalis.com/
I haven't checked out the Deryni rpg, but that's a low magic setting. Albeit the Deryni themselves are a bit like Jedi, relative to common folk. It may be best for the PCs to either all play Deryni characters, or all play non-Deryni characters. The former option is great in a game set sometime between the Camber and Kelson trilogies, or in an alternate "history" where the PCs are some parallel universe role-equivalents to the characters in the Kelson trilogies. Hard to find the FUDGE game though, but I've seen some conversions out there.
Another vote for Hyboria/Conan, simply for the fun factor. I find something about Bronze/Iron age mix settings really evocative. Heck, just get Barbarians of Lemuria or Legends of Steel (I like the LoS setting a little better), although the settings do not have nearly the depth of Harn, they're fun S&S, and are a very easy to tool up for Hyboria.