Elements always cycle in this order: Fire > Aqua > Elec > Wood
Elements that change panels do so before damage. Grass panels do not spawn on broken/hole panels. Ice panels will spawn on broken panels but not perma hole panels. Aqua element will freeze even over perma hole panels.
Freeze status overwrites Flashing (invisible) when landing in a Time Freeze chain. This applies to Element Man Ice. Having Status Guard will negate the Freeze thus applying flashing. Cannot be used on a hole.
Elements cycle 20 times regardless of chip version. Timing out the chip chooses a random element in the US version and causes the chip to fail in the JP version.
Chip
Delay between color change
V1
16f
EX
14f
SP
12f