You'd actually need to have both Pillars/Pends though. Yes, it becomes a very strong card then, but it also requieres a Life/Fire/Water trio, I'd say that makes up for it.
If I was to nerf it, I'd rather increase cost once more, because the main goal is to fuel a trio.
The Burning part isn't innovative: It's poison. With a different colour. So one damage per attack. (Which would kill it in 1 turn if you have a Life Pillar, but no Water Pillar)