IMHO if you are going to use the Dream combo you are going to want to max enchant anyway to get the AR, so why not take advantage of that? You only need the 20 points in LM to utilize the Dream setup, so put the rest of your points in enchant, warmth and FM, slap on the Dragon, and there you have added another 10,000 to your average damage, and you can deal with lightning immunes much better (and remember: PvP you will often come up against lightning immune players). I don't see any problems here.
I guess without stacking the Dragon it would only be ~6000 extra damage, but I wouldn't say no to that.