Should elemental wheel make black mage more powerful than it is now?

If BLM power levels stay the same then elemental wheel would be like complicating its rotation for no gain ( kind of like the two dragoon skills in heavensward.) On the other hand, we're at a point now where people will take a BLM or SMN to content without a hitch, so if the wheel buffed BLM then it would be another imbalance to deal with.

Back when I played phantasy star and phantasy star universe, all the mobs have a weakness and resistance chart that could utilized by your characters regardless if they were HUnter, RAnger or FOrce (Melee, Ranged or Spell casters in that games language.) Since Melee had elemental blades, Ranged had elemental bullets and forces had elemental spells., we got our fun elements while maintaining balance.

This game has elemental weapons so I think the system would work here.