I believe that such a combination (which appears to be overpriced) does the following, in order (assuming Mark is the first effect in the spell):
1. It sets a mark at your current location.
2. It teleports you to that mark.

In other words, this teleports you to the spot you are currently at. This might seem useless, but it actually has a use; if you are in the air, casting this spell will teleport you to the ground at your current location. This might be useful if, for example, you have used a certain scroll to boost your acrobatics and then jumped while the scroll is in effect.

By the way, for testing purposes, you might consider using the console to increase your Magicka and Mysticism skills; just don't save with the cheats active (or at least use separate saves if you need to save while cheating for science).

Edit: I actually tested this. You do end up teleporting to the ground (or, at the spot I happened to be when I tested this, to the water) when you cast such a spell. For some reason, however, the spell is really expensive (87 Magicka when the premade spells this is based on are 18 each; this spell should really only cost 36).