This is a really cool idea, and I love the idea of revamping the Mystic. I haven't had a chance to read it in depth, but here are some initial impressions:
I like that you're changing the stats to SD/Pr/Em, which really fits the Hybrid.
My main problem with the Mystic was what to do after the surprise elemental bolt failed. That is to say, what if you don't kill your target, and find yourself in melee combat? It is going to happen sometime, and I can't imagine the Mystic is going to have a long career after it does. So I actually like the way you can use spells/mystical weapon or whatever to parry.
I might even prefer the idea of the Mystic sneaking up, attacking, and then sustaining the elemental bolt or blade (there's the Essence aspect of the class) and making it into a kind of weapon to parry with, to give him/her time to escape/get out of Dodge.
Just a thought: Might you change Mystic Focus to a spell cast after an elemental attack, that forms the weapon out of the residual elemental matter/energy, and then uses that as a weapon for a limited time? I don't think the Mystic needs to power up the initial elemental attack (which is usually going to be quite devastating) so much as he needs to have a Plan B on the uncommon occasion when the initial attack fails or fumbles.
I do agree that there should be some limitations on this form of combat, since, if you allow the Mystic to use Directed Spell as both ranged and melee OB, that might be overpowered. There are various ways of limiting it though (some already mentioned or contained on the list): making it cost an instantaneous action (and a spell, and spell points) every round; making it benefit from only one stat; making it only give half OB or Parry DB, etc. So I think there will definitely be ways to balance it.