This doesn't seem exactly like a red spell. Loss of life is traditionally black. Maybe I'm just anal, but this would feel more red if it read, "Desperate Exertion deals 4 damage to target creature or player and 8 damage to you."
I'm not sure I like this card, though. Bolt variants aren't exactly exciting and the more penalties you tack on, the more inelegant they seem. I will be honest, this doesn't feel like a card for which you asked, "How can I make an interesting red spell?" Rather, it feels like you asked, "How big of a penalty do I need to make a 4 damage for

burn spell?" To tie this into another topic currently going here, a burn spell is a card that's best designed around a block flavour mechanic. It's seldom going to be a super-interesting spell, but it will at least mesh with the local flavour.