[@Expolar][@Lucius Cypher]

I would deff put Altered Armament at level two alongside magic weapon 
[hider=Altered Amamament]
1st level Transmutation
Casting Time: 1 Bonus Action
Range: Touch
Component: V S M (A Weapon)
Duration: 1 Hour

You alter the properties of a weapon. You may replace one of it’s properties with the following: Light, Finesse, Heavy, Thrown (20/60), or Reach. If the weapon has no property you may give it one. It also becomes a magical weapon if it isn't already.

When you cast this spell at a higher level, you can alter the property of one additional weapon for each level above one.[/hider]

[hider=magic weapon]School: Transmutation

Level: 2
Casting Time: 1 bonus action
Duration: Concentration, up to 1 hour
Range: Touch
Components: V, S
Ritual: False
Concentration: True
___________________________
Description
You touch a nonmagical weapon. Until the spell ends, that weapon becomes a magic weapon with a +1 bonus to attack rolls and damage rolls
[/hider]

While all looks the same I would even go as far to say its better than magic weapons +1.
For a start being able to finesse any weapon opens up more than a plus 1 to damage and theres the versatility aspect of making things thrown which is usually tricky, not to mention the damage bonus from carrying a heavy weapon like its light. 

I just don't want to see the game get ruined with h/b. When making spells it should always be compared to an existing.