It would boost damage but, note that cold also would (gaze), and wolves wont proc off stormblast, beacuse its 100% lightning damage skill, doesn't proc doom.
You are basically dealing bunch of different damage, stormblast proc every hit, deathgaze from attacks (cold/phys) fortress is phys, and to every phys you add +flat phys from wolves curse. Adding lightning pierce will ONLY boost stormblast portion of that full package of damage, so its some fraction of it. Not ideal way to scale dps.
You'd get more by getting just more ewd, strength, use like wolf druid set belt + chest combo, stuff like that. Yaggai is good item on its own, but it is sort of noob trap, as axe skills aren't lightning, and you spread your damage to different elements. It is still way better than TU labrys, even without considering any of it. But it is difficult to scale optimally.