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Yeah, again I'm not sure where the issue lies exactly. My warlord cum student of magic knows that if he wants to master powerful magic (lets say we just decree that up to 4th level magic is 'too trivial' to be illegal) then he is going to have to either refrain from using 5th level or higher rituals (or spells if he power swaps) or else he's going to have to be a rogue caster, or he's going to have to join the Conclave, or he's going to have to be VERY discrete. An AD&D wizard faced the same set of choices. The difference being there was no option for him to come from a martial background where he might have gained substantial non-magical expertise before he made that choice. My warlord doesn't violate any precept of the DL setting that I'm aware of. The inhabitants of the world don't know about levels. They don't even strictly speaking know about classes and the mechanical restrictions on what class abilities can be combined. To a hypothetical inhabitant of that world some people have the talent and interest to take up magic. MOST such people probably take it up early on and stick with it as their primary focus. They're mechanically wizards. Nothing stops a person in that world from having a different life history. If we for instance used an analogy 'mathematician' might be a way to model certain people in the real world mechanically, but there are plenty of people who don't spend their entire lives studying math. Many of them do other things and might not be well modeled by a mathematician class, yet we who inhabit this world find nothing astounding about a 35 year old truck driver who decides to get a Ph.D in math. It may be remarkable enough to take note of, but it certainly doesn't violate the consistency of our real world. Likewise AFAIK my warlord doesn't violate the consistency of the DL world just because his class isn't 'Wizard'.

And yeah, its fine that AD&D wizards had a specific set of spells, and 4e wizards don't necessarily have exactly the same progression or powers that are perfectly corresponding to the AD&D ones. High level 4e wizards are still pretty awesome. Nobody will scoff at them and they can pull off many rather astounding effects, including the vast majority of the ones that were common in AD&D. Fighters are relatively at parity with wizards in 4e, yes, but honestly if my dim recollections of DL literature is any guide the material in the books probably matches better with the 4e equality than it does with the AD&D lopsided power balance. There were plenty of things in the books IIRC that didn't mesh all that well with the specific details of the 1e/2e rules anyway.

Another thing is, much is fluff. There's no reason why wizards can't own large libraries of books. There are a ton of useful books in 4e. Your wizard might easily own several magical tomes, and in fact it is pretty hard to fit all the spells and rituals a typical wizard will know at high levels into one book (there is a rule for this BTW, spells and rituals take up book pages, and you can and probably will need to obtain extra physical books to hold your 'spell book'). Moreover there's no limit to how many rituals you could acquire. 4e has over 300 of them. I don't know exactly how many pages that takes up, but I'm pretty sure it is far more than a single volume can hold. A high level wizard with a room full of books might well know the vast majority of those 300+ rituals. If so he's going to be pretty well set up because a lot of them are pretty potent.

As for the whole 'but why can a fighter Raise Dead?' again this is 'game thinking'. To the inhabitants of the world there are just people with expertise and knowledge. There's no conceit of the game world that demands that a person couldn't master both fighting and magic, only limitations of the AD&D rules that mostly prevented you from building such a character and playing it. Nor is it necessary to rigidly pigeonhole WORLD roles with GAME roles. Just because my character is built using the fighter class doesn't mean he's not a priest, wizard, etc in terms of his WORLD role. Again, maybe he possesses an atypical skill set, but so what? Beyond that it is pretty easy for the DM to create world consistency here. My fighter can only manage to acquire the Raise Dead ritual because functionally in the world he belongs to a group of people who have that knowledge and he finds a way to access it. Mechanically he takes a feat and pays some money to learn the ritual. In game he goes to the temple, makes a donation, studies, takes some sort of orders or whatever, and acquires the ritual. Maybe he also takes the 'Ordained Priest' theme to represent the commitment that he has to make to the temple and the other benefits of his holy orders or whatever.

Obviously if you're going to want to go scene-by-scene through all the mass of DL novels and justify every single action and fact that you find there with a 4e mechanic for it you'll probably come up short at SOME point. IMHO you'd run into that problem with 1e or 2e as well though. That level of consistency is just not really practical. Given the extreme plasticity of the 4e rules though I think you'll probably not have a large amount of problems there, especially since a LOT of stuff in 4e is more guidelines, fluff, and DM options than it was in previous editions.