Problem is, like Gyro Ball, the move's power will probably be based on what multiple of the opponent's speed yours is. However, everyone runs a 31 Spe IV (unless using TR/Gyro Ball/some speed-lowering Hidden Power) and generally tries to be fast, often as fast as possible, running 252 Spe EV and a boosting or at least not hindering nature, too.
So it's very difficult to be even twice as fast, let alone three or four times as fast, as something else--while it is reasonably possible to be half or a third or a quarter of something else's speed with effort (hindering nature, 0 Spe IV, etc.). I think Electra Ball will end up being useless.
Thats what T-Wave is for, assuming hat you and your opponent have the same speeds, after a t-wave, you ARE 4x faster than them.