I always just take this spell out, its pretty dumb to make a wizard not be able to ready magic at will, its like a sharpen sword skill for a fighter.
I do the same. Requiring a wizard to cast a Read Magic spell to examine magical writings is about as much fun for everyone as keeping track of how long your torches will burn.
I suppose, but failing a Read Magic roll can be kind of fun as the spell goes off right away instead of when it's needed later on. Kind of a cool thing.
It's kind of like the rule about thieves reading scrolls from OD&D (and probably other editions) where there was a certain percent chance that the exact opposite of what was intended would happen.
You could treat a Read Magic error as thinking the scroll does one thing, while in reality it does another. In a game system where magic is somewhat whimsical, Read Magic provides another means of mixing things up a little.