Hehe, those are some pretty interesting ideas : )
Fairly far fetched, but hey, all of myth is, so its cool.
I always imagined that although the trow were aware of magic, they didn't emply it. Or at least, they only used it in religious rituals and such. Not because they're too stupid, but because they powerful enough as it is. The trow iron warrior is impressive enough-imagine a trow iron warrior throwing dispersal dreams and fireballs all over the place. Since the trow have been along so much longer than the younger races, they would also have had much more time to perfect the art, theoretically making them the most potent spellcasters to date (except, perhaps, the Callieach). Thats the part I think is sketchy about your theory. If the trow knew how to use magic, I don't see how ANYTHING could have killed them.