If you have 5 elements, you could follow the example of the Shinobi Shakra system.
However, the 5th element is based on lightning. You simply replace it with Aether.
http://img1.ak.crunchyroll.com/i/spire4/04262008/b/0/5/4/b05414c7ec4630_...
Where one type is good against the very next one in the system.
I also believe, slightly better then the second after that.
And counter clockwise, 1 type actually reinforces another type if combined.
Example:
Fire beats Wind
Wind reinforces Fire
The 2 combined will beat each one separately. Yet you use the double amount of chakra.
A combination of 2 is good, but will have a double weakness against another element.
If you think of a system like this but then with Aether instead. And set up rules for the basics. Then the combinations of elements will automatically have a system like this as well.
That's a good question. I am not sure yet. I was thinking of having element combinations inherit the weaknesses of its derivative elements. For example, lava (earth + fire) would be weak against Aether and water (earth and fire's weaknesses). However, this system has issues with some elements. For example, using this system, steam's weakness is earth and water. I don't think this makes much sense since steam is partially composed of water.
I am open to suggestions.