Well we have a problem if we take the graphics of the spells too literally. The Life spell uses clearly angel-like figures to resurrect the dead. These cannot be Tennin (the Japanese equivalent of angels) for the simple reason that they do not seem to be particularly beautiful, they are not wearing 5 color kimonos, or scarves, and Tennin are rarely shown with wings. Thus, we must assume that these are the western concept of angels, not the eastern. We might associate the eastern version of the "heaven" element as having lightning spells, but the angles represented are western and a western version of the "heaven" element would not have lightning spells. Thus, from either perspective, Chrono's element can't logically be "heaven" since it negates either his life or lightning spells.
Obviously the solution is that Chrono's magic comes from the Nordic gods, Thor specifically (thus, not Heaven element but Asgard Element). Thor controls lightning and thunder (through his hammer, mjolnir), his hammer can bring things back to life (he can eat his goats then revive them the next day to still pull his wagon), AND he has been known to dress up like a wee little girl (hence, the appearance of cherubim).
This obviously had to be censored in the American version as NoA didn't want to promote neopaganism and it obviously had to be replaced with a more recognizable concept in Japan as there really isn't a Japanese word for Thor/Asgard.
Or maybe we might be reading into gameplay elements a little too much.