That's a good amount of damage but its far from useful.
You're right, its not practical, but i like to see what tylerlantern does for midscreen xrays and try to beat him for fun, plus you learn a lot about combos while practicing.
If you like the look of the combo, try this: its very easy and i made this one up along the way.
Face to Face with opponent:
Medium Iceball, B1, 2, dash, B3, 2, Xray. 8 hits 50%
As soon as you eject the iceball immediately do your B1, 2 combo, double sword smash and will knock the opponent into the iceball perfectly every time. then just move up and do the B3, 2, Xray.
Theres not much timing to it except for the dash which is pretty easy. Lets face it 2,1, iceball is great but its visually a yawner. double ice sword smash into a bomb looks sweet.
The bottom line is, after a starting jump punch, B1 will combo directly into the standard freeze ball projectile just like 2,1, freezeball. 2.1 freeze is admittedly way more practical because its easily landable without a jump punch setup. The B1, freezeball really works best with a jump punch opener.