It might be OP, but since you can never be sure you'll get it, does it matter that much?
Well, yes. The quest wasn't difficult, it's just a random chance, and I don't think any one spell / item simply should be THIS over-powered. Take the Scythe of the Void for example. You have to do some pretty tough fights in succession to get it, and even then it's not as big of an "I WIN" button, and even then there are drawbacks to using it. With mana blast :
1) ALL my heroes learned it once I finished the quest, even the Ascian.
2) Damage doesn't appear to cap out, or if it does it's probably not at any reasonable level.
3) It seems to be un-typed damage, as in even if I shot it at something with 100% resistance to fire, cold, and poison it would still do damage.
4) Costing 20-ish mana seems out of proportion considering all the above.
I would be ok with ONE of the above being the case, maybe two, but not all four.