Well, Alchemy is about property balance and distribution. You cannot make with what you dont have. So try this:
Alchemist - 8
Creature 0|2
Ability:
Alchemy,
Destroy the target creature, return its quantum to the owner of the card, and generate another random card from the card's element to the owners hand.
That would be more balanced, and sort of like mutation in a way.
You mutate a photon, it could become a dragon.
You mutate a dragon, it could become a photon.
Same case here,
You alchemy an enemy photon, they could receive a light dragon.
You alchemy an enemy light dragon, they could receive a photon and 12 light quantums.
That balances it out, and makes the term 'Alchemy' fit better with this card.