Can you cast it more than once on the same permanent? I was reading your other topics and it seemed like that was the case with the 
one, but that shouldn't be with this one. I'm imagining casting it on a stack of pillars, which just seems too good.
Actually, paying 2 
to turn any perm into a SoG seems pretty good even without that. After you've drawn enough, turn those hourglasses into SoG. Does it eliminate the original ability too?
If you cast it more than once on a permanent then it's a waste of a good spell. Pillar/Tower stacks are just one permanent to the spell. Like Protect Artifact from Earth. The only difference is to kill the ability on a Pillar/Tower stack the whole stack will have to be destroyed. Also you only get 1 activation of the Regen(5) from a Pillar/Tower stack.
Yes it removes any active ability from any permanent and replaces it with the active ability listed for permanents on the Rune cards. It's like a SoG in the fact it gives you the same ability but unlike a SoG you need a permanent to play it on.
Oh dang now I wonder if the casting cost of the uped verison need to be 3
instead of 2
after all I don't want to steal SoG's place in the game.
