This is impossible, although I love that game as well.
No, it's not impossible.
I was thinking of scripting this at one point, but I dismissed it as "too much work".
Certain elements cancel out other elements on the spell wheel (or combine with others), the amount of elements on the spell wheel increases the spell force, and the amount of one element increases the element force.
Certain elements will act differently when combined with others.
Arcane will change the form to beam unless Shield or Rock is present.
Ice will change the form to shard unless Shield Rock is present.
Rock will change the form to Rock unless Shield is present.
EDIT:
This would eat up a TON of datablocks.
Due to this very reason, it is not a very smart thing to do, and probably won't be made. :(
I really would want this.