You left out the fact that getting all of those Null elemental items requires you to obtain endgame Personas (Surt is the lowest level Persona at Lv. 50 and Beelzebub is Lv 81; meaning that many of them are either endgame high level monsters or can only be obtained by completing social links and achieving the level needed) and even then you have to learn all their skills to produce the item. Unless you knew exactly how to get them and went straight for it, chances are you won't be using any of those items until you're fighting the final boss and even then, they are useless against Elizabeth.

So yeah, I would say P3 has it covered, still.