Your question appears to be equivalent to the 'dichotomy conjecture' of Hovey, which I believe is still open.  

First, note that any finite spectrum has a type, and all finite spectrum of type $n$ have the same Bousfield class, usually denoted $F(n)$. In Hovey and Strickland's memoir (Appendix B) they conjecture that if $E \wedge I \ne 0$, then $\langle E \rangle \ge \langle F(n) \rangle$ for some $n$. This is precisely your question. 

In his paper on the chromatic splitting conjecture, Hovey conjectured that every spectrum has either a finite acyclic or a finite local (the dichotomy conjecture). With Palmieri (The structure of the Bousfield lattice) he proved that the following conjectures are equivalent:

>>(1) If $E \wedge I \ne 0$, then $\langle E \rangle \ge \langle F(n) \rangle$ for some $n$.
>>
(2) The dichotomy conjecture.
>>
(3) If $E$ has no finite acyclics, then $\langle E \rangle \ge \langle I \rangle$. 

The analog of the dichotomy conjecture is known to hold in other categories with a good theory of support satisfying the tensor product property - see 'The Bousfield lattice of a triangulated category and stratification' by Iyengar and Krause.