well all those builds, including mine above are done based on pure theory and predictions. The idea behind this build is to get hit by monsters only in very rare occasions. Frozen mobs (with frost nova) are released from freeze after being hit, FN gives you: a) increased crit change b) nice opening c) another "ohshitwtf" button when you're about to be overwhelmed. If GCDs will allow you to squeeze such sequence: teleport > frost nova > teleport (maybe it's doable 'out of the box', maybe you need some items with FCR, maybe it's impossible to do at all, i don't know) then almost always you'll have the previllige of opening on pack of mobs > gain distance in less than 3 seconds. First meteor (as blizzard doesn't apply chill effect) with comet rune shows up, mobs get +20% dmg, and are being slowed, another meteor falls from the sky, mobs are just in range so you can pop slow time (if they have ranged attacks, you already popped it), another meteor, finish the ones that survived with electrocutes/arcane torrents.
as for tele in co-op:
if this build actually will work out, and you'll be spamming meteors from the back, then you've got some time to pick health orbs by teleporting to them, and let melee classes do their job without the need to collect them (+you've got power hungry passive which makes health orbs great arcane power source). For co-op I would probably trade FN for blizzard, or hydras. That way, you cast dot aoe spells (blizz + meteor), pick health orb, get your mana back, spam them again, melees make sure you're not bothered too much with direct dmg, and you move on to the next pack.
inb4: this is just theorycrafting based on forums/gossips/promo videos, so let's not assume it will work as planned.