The Haste condition (party only) does not work, hence my mention of HoP, as well. The condition granted by potions, however, DOES work.Acid Burst, as we all know, does physical, not water damage.
Psychic Shock does far less damage than it claims to deal, and its targeting is shot all to hell, making it an utterly worthless spell.
Ice Blast and Death Blossom, like Psychic Shock, are so notoriously difficult to hit anything with that I also believe that their targeting systems are somehow screwed up. Just a hunch I have- I could be wrong.
As for what you said about the weapons... please elaborate. This could just be my overwhelming ignorance talking, but I was a little unclear on how exactly the bug you were describing works.