Usually, if the faction uses gold, stone and wood, you can just put the whole folder into the glest (version#)/techs/magitech/factions/ folder.
The other thing you might have to change around is the armors and damages. In techs/magitech there is a file magitech.xml with all of the damage multipliers.
I would advise just moving the whole folder to the factions folder, where by default tech and magic are, and then starting up Glest. If nothing's wrong, you'll be fine. But if not, glest crashes but gives an error message. If it says it doesn't recognize the armor or attack, there's a problem with the magitech.xml.