I ran a fairly classic fantasy campaign with the BGB a few years back. The setting was Middle Earth, so magic was very contained and there were fewer monsters and more human foes overall, although there were plenty of goblins, the odd troll, a wraith, and a vampire and werewolf towards the end. Almost everything I needed came from the BGB in terms of game systems.
I took character starting characteristics for dwarves, elves, and hobbits from the Creatures section. I use a custom character record sheet that I made myself, so that only the relevant fantasy skills are shown. I don't use hit points by location, and this greatly speeds up play and cuts down on GM book-keeping. I used the heroic option for starting skills, and this meant that the PCs were largely capable but not over-powered. Most combats, as expected, came down to the first critical or special hit.
There were no magic-users or wizards in the party, although I allowed the elf to cast a "bladesharp" or "sureshot" by rolling under POWx5. If I were to add wizards, I'd use the Magic system from the BGB rather than Sorcery, although I've always thought that the cost of "offensive" spells, like Flame, at 3 MP per 1d6 damage, is rather steep for classic fantasy. I've played 1d6 per 1 MP and that worked fine.
Magic World is also an excellent option, but I found everything I needed and more flexibility in the BGB.