Guess what I discovered? Don't know if this is old news or not, but it's new to me. I accidentally clicked on a potion instead of a scroll that my sorcerer was carrying and, guess what? The Read Magic cantrip identifies potions in ToEE!!! Since 90% of all magic items found in this game are potions, I figure this will save me about 10,000 gold over the course of the game, at least!! If you already knew about this, well, I just wanted to share. And if this actually helps you, then you're very welcome.
That's because earlier Co8 modders made it identify potions as well as scrolls. Read Magic is supposed to identify scrolls only and was implemented as such by Troika. However with a Spellcraft skill of 25 you are supposed to be able to identify potions in 3.5e and neither this nor the Knowledge Arcana skill was implemented in ToEE. Therefore a reasonable decision was made to mod the Read Magic spell to be able to identify potions as well. As mentioned it is largely a mod and players do not need to use it if they don't agree with it.