I've seen things like this suggested before and I'm not a fan. The reason for this is the fact that Emerald and Reflective Shields are such a hard counter to it. "But those shields are hard counters to the Bolts and other spells as well!" you may say, and you would be correct. The issue is that you always have the choice to not play/activate that spell once the shield is in play, whereas you have no such choice with this weapon in play. Also, permanents are obviously much more difficult to remove than are creatures or spells, so you end up doing damage to yourself every turn with no real way to remove it.
What I would rather see is Wand do minimal damage a turn, maybe even 1, but with an activated ability to deal up to 2 spell damage per turn. You could even make it Mark related so the activated damage does 1 additional damage if you have X Mark.
