When you join a fight that hasn't already started, this Elixir guarantees that you / your team goes first, rather than the mobs.
Useful for a variety or reasons. Faster questing / speedrunning worlds, significantly faster mob farming, speedrunning dungeons, etc. Especially in the later worlds where you have to wait out multiple enemy animations before your spell hits, if you're second. Even more so if the mobs tend to shield or cast weakness / plague.
It's generally a good idea but it removes the random factor other than random cards from making battles harder. Most battles are already easy enough, sure it might be a great idea for speed running, but it removes most risk factors from any fights because you can prepare beforehand and counter upcoming attacks / debuffs. Also how do players intend to obtain these elixirs? If it's crowns only, that's a sure no on my behalf because it promotes even more pay to win mechanics, which players shouldn't be advocating for.
There is basically no risk with regards to mob farming at levels beyond Darkmoor for anyone with even halfway decent gear.
If you're concerned about game integrity, this Elixir might be made level 100+ or 50+ only, although I happen to think anyone with the inclination and knowledge to search for and buy an Elixir like this likely knows the game already, and as such, questing isn't so much a question of skill but rather time, so I would disagree about a level barrier.
Perhaps it can be limited to players who have already ranked up at least one wizard beyond the 1st arc (Dragonspyre).
As to whether will be Crowns only or not, I have no comment on that one. KI will do what it always does