Dark Catalyst current uses elemental lores in a small way for damage improvements, I do not know if these lores are worth it in a cost/benefit ratio. I think it could possibly use mana controls instead for damage improvements.
However, someone posted a very nice idea on the boards, what if damage was controlled by mana controls, but what lores gave us was the option to make all crits from the same element? Or even still have lores do the damage, mana controls the mana return, and add the all same element feature still.
So, with a certain amount of lore, a sorcerer can cast 719 with fire to have all the criticals be fire based. It makes sense, if the spell has within it the ability to do any elemental type of damage, surely with enough lore a skilled sorcerer can direct the type of damage he desires.
If you gave us this kind of flexibility with the spell I don’t think it’d need any damage upgrades from what it already has. This would also prevent sorcerers with 4 choices to pursue in regards to lore, and those choices will foster more intra-profession diversity, which is a very good thing.