I got a wavecrasher on live this week (for serious).
The elemental NPCs were removed in a 2003 revamp. One that will never be seen here. So yea P99 should never see its removal.
Though it appears they recently added them back into live. I was pretty surprised to see it because that mob was in the mob graveyard for years. It's possible live got bugged code and copied over from TLP server data or something though.
I think most of the price is in the fact that no one goes to the zone, it's a rare spawn and a rare drop. Plus the novelty of a slow proccing item. Still, not worth the money. You're better off putting a down payment on some mallet recharges.
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