By supermegametamagicking Flesh to Stone onto oneself (using a summoned creature) it actually seems to be permanent! One cannot cast targeted spells but area-effect spells and teleport spells work normally. The neat thing is that, apart from the fact that one is immune to damage, the enemies don't attack one at all in this state. All things considered, it works exactly like the "mage's regenerative shell" described in the game. It's also kind of fun to be a statue now and again. ps - for those trying this at home: use Disperse Magick to return to normal.
Except it isn't, you know, regenerative. However, if we add the Regenerate spell from the College of Nature... Yes, we're getting somewhere. Turns out that in the end Regenerative Shell is an intercollege spell requiring maxed out Meta and Nature and nearly maxed out Morph, plus the required spellcasting swiftness, spellmixing knowledge and a heal rate high enough to maintain the regenerative part of the Shell for an indefinite time. "Only the most powerful mages can conjure one up" indeed, Nasrudin. Excellent work, ytzk. Your next assignment: figure out Banishment.
Anyone can cast it. Even technologists. Dependent on ritual you see. Ingredients a bit difficult to come by though. Spell component: ancient elven wizard. During the Age of Legends they must have kept scores of those guys around.