Going from guns that are meant to feature all 3 light elements to guns that feature 3 exotic guns in one seems slightly unrealistic but best of luck.
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they don't need to be so eccentric as this, it could be something as simple as making each element as a whole do something a little more destructive, such as "kills/hits with Arc element spawn jolting Arcbolts". I wouldn't personally agree with that, since it leaves little distinction between the three weapons, but it is an option. Anyway, all I'm suggesting here is that Bungi pushes the individual weapons into more defined roles (as in they all do something noticably different) and make each element actually matter in some way
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The distinction between the guns is simply the guns themselves. AR's behave differently/serve a different purpose from a special wave-frame GL as does the sniper. I don't see the need for more distinction there, but if done well, I guess I wouldn't argue against it, but not sure how different a role you can get between a primary auto rifle and a special wave frame or a sniper. Honestly I'm surprised we don't have a heavy with the perk yet if anything. My point is overall the guns are mostly fine. They aren't anywhere near the strongest exotics but they aren't really supposed to be. Their ablity is the versatility. Unfortunately Bungie has gone so far overboard with abilities that it kinda makes that versatility pointless. If they do anything like what you've described, those three guns immediately become the best guns in the game by a wide margin as far as PvE is concerned.