That actually sounds like the most balanced version of Blue Magic in the whole series... Why the hell isn't that how they always do it? 
Sounds like Harmony of Despair Soma, aka "most broken character in the game." It's still not easy to balance "pick your favorite 4 of these 100 abilities", I'd imagine.
Soma's a weird case, because what makes him broken is his mobility combined with a few really good pieces of equipment. The vast majority of his damage skills aren't worth caring about. You take away the Dragon Helm/Valmanway/Berserker mail and he definitely falls back to the pack.
Though yeah, balancing that many skills is really tough.
