As far as I know (and you do know more about Thor canon than I do, so correct me if I'm wrong), Loki's punishments are generally less "exile" and more "torture." Being made to live among mortals may teach humility, but being chained to a rock while acid drips over your face is much more likely to make you even more hateful. Also, I can't remember a single instance where Loki was de-powered.

Furthermore, considering that one popular interpretation of Loki's character is that he became a bastard because Odin treated him like crap (for example, the issue where Loki sees a crying Balder and feels regretful and considers a Heel Face Turn, but then Odin goes all "Thor, my only son!" and Loki gets pissed and keeps plotting), I'd say that Odin mind-fucking Thor wasn't just evil, but downright dangerous, as it could have easily pissed off Thor enough to make him pull a Face Heel Turn (especially because at the time Thor wasn't nearly as nice and forgiving as he is now).

If Raistlin Majere has taught me anything, it's that treating promising youths like crap to shape them into "the heroes that the world needs" has got pretty even chances of backfiring horribly.