Even if the card is balanced I don't like the idea of affecting both creatures and permanents. I guess it should affect creatures only.
Imagine a false god using a card like that
(due to triple mark and 200 hp he could easily survive losing some cards while totally destroying any rainbow or non-rainbow setup). I guess a false god using a few cards from your series and PA for his pillars would be unbeatable with any of the anti-FG decks.