I've actually spoken to Bad_Bud on this topic, and according to him he left it as a scroll only spell because he hated the visual effect and didn't want to see it everywhere. That being said, cacophonic burst would be one of the best 5th circle damage spells if implemented, so for sheer selfish reasons I wouldn't mind seeing it XD
It NEEDS to be 5th circle, though. It outclasses fireball in every way except in certain niche uses (i.e. things that take double damage from fire). It falls in line with cone of cold.