Very interesting concept. Obviously pointless against mono decks, and probably limited helpfulness against rainbows. I see this as most useful against a duo/trio that's mostly one element with some key cards of another element that you can pick out easily.
I would increase the cost a bit though. The unupped version is similar to a blue crawler with one less hp, but lower cost and two abilities.
The shockwave seems a bit random. Toadfish already has a CC ability that uses air, so I'm not sure about this.