Yes, that's spell chaining (without the Drain Magicka and only the Fortifies, that is), and I have posted about it many, many times for people who think they need a lot of magicka or that having lots of magicka even matters at all in TES (it doesn't, of course).
One correction, though: the max spell cost is 150, not 300 (100% efficiency, of course). You cannot exceed 150 or you will not have enough to recast the spell chain... and you'll run out of magicka very quickly.
If you add the Drain Magicka effect, you CAN use all 300 pts of magicka--although I don't know if Atronach users can bc of their Stunted Magicka defect. http://www.uesp.net/wiki/User:Wizy/Chain_Spells explains the mathematics.
Taking your advice on duration, I made this spell--adding the necessary Fortify Intelligence, Fortify Magicka, and Drain Magicka spell effects at the beginning of course.
[Paralyze_1 sec]*** + [Drain Health_100 pts_1 sec]*** + [Fire Damage_86 pts_1 sec]*** + [Shock Damage_100 pts_1 sec]*** + [Light_50 pts_3 secs]*** + [Invisibility_Self_3 secs] + [Weakness to Magic_100%_3 secs]***
***Indicates on Target and a minimum Area of 10.
I added an Invisibility spell, so the player avoids damage if the Paralyze effect is resisted. I know it may seem strange, but I also included a Light spell to indicate when the Weakness to Magic effect wears off. Even if Weakness to Magic doesn't increase Fire and Shock Damage of subsequent attacks (as some may argue), it WILL increase the Drain Health effect of subsequent attacks.
Is it too overpowered and dangerous if reflected? Yes. Is it fun--especially when the controller violently shakes and a group of marauders fly into the air? Absolutely!