Not really, maybe a tank mage could use it but it is very slow with no hit spell. I personally wouldnt pay more than maybe 150k(if i was feeling generous)
A Mage weapon would be that with Mage Weap -25 as a mod (or lower and higher)
Thats just a spell channeling axe, sorry to disappoint. Right idea on mods though...try looking for 1handeds as well and a hit spell...then your talking big bucks!