For the cost of Melf's Acid Arrow with Ocular Spell and Persistent Spell applied, you could've already killed 'em. A lot.
But doing things this way is funny.
Assuming a Silverbrow Human Wizard5/Incantatrix10/Hathran1...
Arcane Thesis and Improved Metamagic will negate the cost of Ocular Spell. Arcane Thesis, Improved Metamagic, Practical Metamagic, and Easy Metamagic will negate the cost of Persistent Spell. (Double-count Easy and Practical Metamagic since they're metamagic feats applied to an Arcane Thesis spell.)
For a similar amount of effort, you could just stack metamagic on an Arcane Thesised enervation for greater effect. But again, funny.