MM3 material, elemental, and spell modifiers have the same functions that they do in MM4-5, but MM3 allows items to have all three at once while MM4-5 limit items to one each. Thus it is possible in MM3 to have items such as the steel coin of sparks, exacto diamond short sword, or incandescent leather leather armor of water walking. (This last is possible because "leather" is a material and "leather armor" is an item.)

MM4-5 do add in the type-based damage multipliers, mind you, allowing the party to cart around things like a seething flail Bug Basher, but this is one area where I wish they kept the MM3 system. Some of those item names are glorious.

I'm also a MM fan who got into MM when I was already an adult. I also wish I'd had these games when I was a teen, but better late than ever, I guess!

I just finished MM X: Legacy and had a great time. I think I'm going to do another run on Xeen soon.

I've seen leather katanas, like the great swordsmiths of old used to create in their... leather forges? How do you sharpen one of those?

Looking at the stats, a leather club is the worst weapon, with -5 to -3 damage, and a -4 penalty to attack, (not that it matters with 0 damage).

Made from the hide of a holy heifer of healing?

MM2 also has mapping, just FYI. MM3 is a great starting point, but if you need the mapping you might want to try 2. You do have to learn the Cartographer skill to create the maps, but it is available for a very cheap price in the starting town.

Might & Magic series really is awesome! It is such a gem. They fall into 5 groups:
(1) MM1-2: The early years (2 being much improved with skills, class-specific quests, and maps)
(2) MM3-5: The 2nd generation: Similar to MM1-2 but enhanced graphics & gameplay
(3) MM6-8: Enhanced versions: Really took the series in a new direction with 3-D exploration.
(4) MM9: Tried to enhance MM8 but I've heard it is incomplete/buggy/rushed because of a bankruptcy.
(5) MM10: Some elements of the 1st generation, some elements of 3-5, and a very small part of 6-8, all in one game.

I recommend trying MM2, MM3, and MM6 out for a bit, see which one appeals most to you, and start there. Or, since you are already enjoying 3, finish that one, then try MM2 and MM6...but I am pretty sure MM4-5 (which is one game) will appeal to you quite a bit as well since 3 is. :)

Sam