Interesting, I know having bolt and cloak maxed, for my level, has saved my bacon many times. I'd be hesitant to lower their levels any, but I'm not opposed to trying to see if I can kill a mob in roughly the same amount of time or, dare I say, faster.Consider an alternative:
Nothing is more frustrating than having your big gun miss and waste all that energy an wait fot it to regen.
Consider instead to have all 4 of your damage spells do the same damage so you are constantly doing damage an no one miss is devastating.
At my current levels my order of operations is as follows:
Shield
Cloak
Lure of Fire
Incinerate
Firebolt
Ice Shards
One round and back to Firebolt usually kills 1 and 2* mobs my level or a couple higher.