How do I get a balanced arte set up?

So, with previous Tales games it was pretty easy to understand. You just had to use links from basic and altered and all that to set up your artes.

In Berseria, it's a bit different. Here's what I'm doing now. I'm putting a single element through all 4 stages on a single button. So X Stage 1-4 is water for example. Is this a valid strategy and widely used? What is truly viable as far as arte set up?

Another thing to consider is SP usage. I'm still wondering if putting the highest SP skills last or first or whatever really matters? I don't seem to be getting that much of a difference so I'm wondering if it starts to matter in the late game?

Essentially what I came up with throughout my play through of ToB is to put a single element through all 4 stages on a single button. So X Stage 1-4 is water for example.

Except the stages didn't always go 1-4. The first stage I used a gap closing move if the element had one, second stage was a form of crowd control.

If it was a knockup, I went with an aerial attack. If it was a knockdown, I went with a diving move or even earth based move if none were available.

Stage 4 I allowed myself for heavy finishers even though they took up too much SP, I didn't care - if I had the SP to spare, the move did a ton of damage and looked cool.