For a permanent, yes, it seems too overpowered to ever be able to be balanced. But, however, if it had a shelf-life of, say, 2 turns or so, I could definitely see this being worked into the game. This takes the PA problem right out of the equation, yet still allows the card to retain much of it's effectiveness.
Also, I very much disagree that this mechanic has no place in the game. While rushing is fun, there are many players that hope for different types of stalling or controlling the field (myself among those players). Even with this, there will be balancing issues, but this is a mechanic that, if it were introduced into the game, would make me very happy.