So I was testing this with -200% mana, which I expect would provide me with 600% increased weapon elemental damage. In the tooltip, my base damage only went up by around 35% or so. While I understand that I have to factor in physical base, my added elemental damage is more than my base phys on my weapon, and so I imagine getting 600% increased elemental weapon damage should probably do a bit more!
I suspect that I may be getting 1% added elemental per 2% missing mana, as opposed to 2% elemental per 1% missing mana as the tooltip suggests.