There wouldn't honestly be much use for it, besides random fun. Most elements would be immediately broken by a life tool without very careful use. Life controls the functions of elements, and isn't really an ambient thing like heat.

For example, removing life from Photons would simply keep them from dying, but that could be fixed with a single console command just as easily.

...It'd probably be trippy still for some things, like lava. But dunno how much effect it would have.