Well, for a start I don't particularly recognise the Council of Trent as having any particular God-guaranteed authority - I especially don't see why a 16th century meeting of Catholic leaders should have any better idea about what was accepted in the first century than anyone else.
But the main problem with the deuterocanonicals is that as I recall most, if not all, were originally composed in Greek. All of them would be the youngest writings of the OT. Some of the are pseudepigraphical - that is, they are writings that explicitly or implicitly claim the authorship of an important OT figure even though it cannot have been written by those people. They were never accepted by the Jewish people as being inspired in the same way as the Torah or the prophetic writings, but were considered good to read.
Luther never 'rejected' the apocryphal writings - at least some of them he thought they were good to read, and he marked them as such in his translation. He just didn't think of them as being inspired, and so didn't put them in his collection of the OT. This was not a new idea - books like the Shepherd of Hermas weren't considered canonical by the early church, even though they are quite a good read. I think their omission was also partially down to some an overemphasis placed on some parts of the apocrypha by the Catholic Church in the areas of doctrine (purgatory being the main one) - because Luther was trying to fight back against what he saw as errant doctrine, it would make sense that he just wouldn't clearly mark those texts that were never considered divinely authoritative, but were underpinning those doctrines.
As for its presence in the Muratorian Fragment, it doesn't increase the weighting either way. The fact that a book usually attached to the OT is here in fact connected to the collection of NT writings should make us cautious (in no other extant writing is Wisdom listed with NT documents), as does the fact that we simply don't know who wrote the fragment - it is useful in terms of hearing what texts were being discussed, but is not that useful in terms of knowing what hard and fast canon, if any, was actually in place at time of writing.
All that to say, nothing really wrong with reading Wisdom, but there's no compelling reason to think it should be considered canonical, or God-breathed like the other books of the Bible.