Name is sadly too close to Death Spark.

Hm, colourless burn for blue and green. Better than Hornet Sting, as it's colourless and uncounterable. Also, I fear the last ability is too similar to casting it. Paying some mana, putting the card from your hand to your graveyard, and getting an effect... that's what casting a spell does.

Also also, this is pretty brutal to repeatedly cast from your graveyard. Remember how immensely frustrating the combo of Haakon, Stromgald Scourge + Nameless Inversion was? This is a red version of that in one card. Perhaps give it flashback, so it gets exiled if you cast it from the graveyard?

OK fixed Gravecast to match up with the Aerikal set - can only be cast from graveyard. Ghanged the discard cost to and bumped the cost up to fit its repeatable nature.

Fair enough. In which case I'd suggest you template the last ability as ", Discard ~: ~ deals 1 damage to target creature." (You could add "from your hand" before the colon; Wizards don't tend to - see Faerie Macabre - but it's arguably clearer.)

Ah, that's a new interpretation. Now reminiscent of Firebolt. Probably better, but certainly not unambiguously better.