Quick thoughts on this point and the others made above:
1.) I don't think they'll remove crit chances from items because...well, I guess they could but it's throwing the baby out with the bath water. It would fuck over everyone using +crits in their build just to keep one skill for one class. It just doesn't make sense. there are 5 classes that can reasonably use crits and only one skill of one class can exploit those crits to cheese the game.
2.) Killing the freeze-lock by limiting the amount of stuns Critical Mass will acknowledge in a 3-second window could fix it, I'd think. If not that...I don't know what that nerf would look like that wouldn't impact the usefulness of the skill for everyone else.
Consider: Living Lightning is capable of doing maybe dozens of critical hits in a couple of seconds. Frost Nova has a 9 second cooldown and the effect itself lasts 3 seconds (during which time, Living Lightning may have done 20 critical hits). The amount you'd have to nerf Critical Mass "chance" is probably something on the order of 50% to really kill this build. Thing is, nerfing it that much kills its usefulness for any other build as well. Re-working the Critical Mass formula with an artificial maximum number of times per per second or something would be interesting. But nerf it too much and it becomes worthless for every Wizard, not just this cheesy wizard.
3.) Removing Living Lightning: Maybe the path of least resistance. It's not the most popular skill for Wiz by a mile, so they could replace it with something else and not have to touch the items already in the field or the passive. However, everyone using critical hits as a core part of their build strategy will be fucking pissed.