Making mass copies of a spell or permanent will be hard to balance.
Right now, most abilities are balanced based on the fact that they are reusable whereas the corresponding spell is not. This card will, obviously, cause some issues with that balance.
Given its very high casting cost and high ability cost this may be okay, but creating up to 8 copies of a spell repeatedly is still going to be awefully powerful.
Think of the potential damage output from use with thunderbolt...
8 cards * 5 damage each = 40 damage for a total of 3 + 8 = 11
.
This is more potent than fractal-BL. Particularly since it will ignore most shields or could be used upon creatures.
At the very least, I think the number of uses per turn should be limited somehow.
Consider that the above example could be used up to 6 times in a turn (6 * 11 = 66
) right now, for a total of 240 damage dealt in nice little 5 point increments.
Finally, if OTK lightning isn't point enough, just think about the problems it creates with dim shield... Or worse, you could run enchanted dim shield effectively since you could clone off a bunch of Enchant artifacts.
There needs to be a downside / limit of some kind here. It just seems like it will end up being way too powerful.
On a different note, you need to post up a reference for the artwork, unless you made that yourself. Remember that you must get permission to use any artwork that is not in the public domain and include proof of permission in the Art section.