ArthurWalden: Hmmm...I've played the game through at least twice and Master in those two spells never felt broken to me. It certainly reduces the tedium of walking around and waiting for coaches and ships to a great extent,but, even then, it doesn't get rid of other transport forms entirely. Also, I don't feel they do much to reduce the difficulty of combat. You still have to work on building up your characters slowly. Those two spells make the game feel like it's going faster, but I don't see them as overpowered.
(Incidentally, as you may have already discovered yourself, there is one point where you need one of those spells to escape a dwarven ambush, if you want to avoid dying.)
Do keep in mind that Town Portal can only take you to your choice of six settlements, while Lloyd's Beacon (aside from having to set it in the first place) decays over time, so at least you have to regularly refresh it.
If you think it is broken at Master, wait til you get Grand Master.