The "~ ~1 ~" in your command sets the location for the Ki blast to appear, change it to where you want the Blast to appear.
Another solution IS THIS (unless you are absolutely set on using a fishing rod, you could use a bow and shoot arrows. Then give players more arrows as they charge up their Ki?) ...
/execute @e[Type=Arrow,r=50,rm=10] ~ ~ ~ summon Fireball ~ ~ ~ {direction:[], ExplosionPower:25}
Put this in a repeat, unconditional, always active command block. You can change the number for the ExplosionPower tag, at 0 it will do no damage, and the higher the number the more devastation. (do not use values over 1000 unless you have a very bulky computer, and be very careful with values 50 and up, as they cause quite a bit of damage)
Then any arrow you shoot will turn into a fireball, just center the crosshairs on the block you want to hit.
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This is a neat concept, can't wait to see it be built upon as you add stuff to it.
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I heard a rumor that the mod is coming out on the same day as Half-Life 3.
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There is only versions 0.1 and 0.2. 0.9 is currently in production, he's working on it, and the ones in between didn't get released because Mathioks wanted to have a whole release.
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As above said, you could replace the block, just with worldedit. //replace should do the trick.