ultimate skins differ from regular and legendary skins in a way, that they have multiple champion models.
theyre basically 3 to 4 high quality skins in one, with all the features of a legendary skin. (new voiceover, new animations etc.).
what youre describing sounds too simple. while i want to see a skin of that quality for her, i also think "elementalist lux" doesnt sound like a fitting theme.
i could see that working out better for
who would literally switch her appearance, and element (earth, wind, fire) with appropriate spell particles depending on what mantra combination she last used.
for example r +q changes her entire appearance and spell effects to fire, until she uses another mantra combination, like r + e that changes everything to wind effects.
lux would probably get an evolving skin more like ezreal, that just upgrades in appearance for each level in her ultimate.
what id like to see more for her is something like a "transcended lux" skin, where she becomes visually more and more powerful, and at 3 points in her ultimate, she just entirely tranforms into an avatar of light.