I don't think Shards should be included personally.
As for rares, honestly, I don't find Pharaoh, Miracle, and Arctic Squid so strong that they should be more rare than the other cards.
Edit:
Had another thought, since not all Alchemy cards are as desirable in deck-building (ie Aflatoxin), you can make it that when they buy the Alchemy card they not only get the in-game card, but they also get an in-WoE item as well. We can make these items stronger or weaker to help compensate the weakness of an Element's Alchemy card.