198 will probably get you an additional 851 MP and a full 211 would get you 907 MP if the PIE per point is indeed 4.3. To break 1000 you'd need 233 PIE to break 1k and just barely at that. And it's achievable if you use HQ Spiced Cider to get that 46 Piety. Also comes with 45 VIT which could be a nice boost. And I believe Cider is currently one of the few that gives the highest VIT boost so if you built VIT/STR it can be 45 points better then it already is. And most of the Mats are rather easy to get.

I'd actually experiment with elemental sets but I think most of the fights have nothing to do with elemental damage. Aren't they all unaspected and that's why there is very little reason to worry about Elemental Materia? As opposed to something like Titan?