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Thanks a lot :D
Yes, balancing needs some work... and indeed the value of the dice determine the strength of the dice. For the most part this is either the sum of the eyes on the dice or half, though chain lightning weakens by 1 damage at every jump.

I'll admit that targeting is not as useful in the current level design / with the current "balance". Occasionally it may allow you to focus a particular enemy that's already low on health, but besides that I'd say it can be useful for:
 - targeting chain lightning in the level with four roblins, and targeting either end ensures that the chain lightning jumps through all four enemies
 - focusing a particular row with 'thunder' in the levels with many enemies (including the boss)
- focusing the high-damage tentacle in the boss fight

As for the tooltip, it's there but I should have probably pointed it out. When you combine dice on the altar, there is a bar that denotes the spell name. If you hover over it, it will tell you what the spell does. If you then don't want to cast that's spell you can drag your dice back out of the spell altar to the dice area.