Not wanting to start a big argument here (but doing it anyway

), but it seems you gave up on an Air Wyrm a little bit to easy (not taking into account the range of BE). IME, the Seithkona will very reliably cast BE (and Luck) on the Wyrm BEFORE casting it on herself. Thus, after researching Enchantment 3, you can start the battle with the Seithkona casting BE and Luck and the Wyrm casting Mistform, Mirror Image and then attacking.
The weakness is (as you have pointed out) protecting the Seithkona. I try to do this by having one 'suicide' troop in the other end of the battlefield. If you place your troops right, the enemy won't reach him before the Wyrm starts moving forward (and thus the seithkona will never be targeted). Alternatively, you can skip MI (the Wyrm not having very good defense anyway) and go Mistform, Flight, Attack closest instead. In that way, you can start the Wyrm far back and get it to the front in time to take the initial enemy charge. Of course, troop placement will be crucial.
IMO, an Astral Wyrm is easier to use, but with national Astral mages, an Air Wyrm can be just as good (with careful planning and troop placement). In MP, I would like to have at least 6, preferably 7 on a Astral pretender, making the Air Wyrm a much cheaper choice.
As for using a Pretender with the same magic as your national gem income, I agree that it can be important sometimes, but IMO not in your case. Your Wyrm only has Astral 4 and you will get plenty of Nornas with Astral 3. And Astral can very easily be boosted in combat... OTOH, having easy access to air spells such as Storm, Mass Flight and Fog Warriors is great for all nations. And alchemy from Astral gems for the purpose of casting battle field spells is not a big deal.
Just my two cents of course (oh, BTW, despite being quite expensive, I would definitely consider a 3 Air, 3 Earth Wyrm. Invulnerability, Mistform and Mirror Image, and BE/Luck from a Seithkona. Try hurting that one

).