Solution 1:

What you should do to make the fireballs faster is multiply the XYZ direction

So if your direction tag was: direction:[0.0,-1.0,0.0] and you want to make i tree times faster then you multiply them by 3 so you become direction:[0.0,-3.0,0.0]}

If you want it to go up then you make the Y positive: direction:[0.0,3.0,0.0]}

"I would like to know how to make the fireball goes as far as it does when you punch it."

Fireballs fly forever until they hit something, so I don't understand your issue with that.
If you have other questions ask just ask them :)