Is it just me, or are these two separate ideas?
1. Randomised spell sets (as in: you don't know which spells your Wizard will start with)
2. A specific spell as you described above (could also have variations for lightning, fire, acid, etc)
Either way, I like both ideas.
Edit: For the 'lightning storm' spell (and its potential variants), another idea would be to simply divide its maximum damage amongst the number of creatures it hits. This would still give the effect of dealing large amounts of damage to a single target (if there's only 1 target in the AOE), but wouldn't be completely useless if you're completely surrounded my baddies.