I think this is a good idea, though it is a bit similar to fate egg.
Fate egg aside, life has always been the element that would live in the forest and be able to summon creatures, so it makes sense thematically. Feral Bond already implies Life has a special relationship with creatures.
As far as balance, I don't think the upgraded version should cost more. Since the card is upgraded it should receive a boost without having an extra cost.
http://elementscommunity.org/forum/index.php/topic,1947.0.html.
As far as the cost goes though, I am somewhat concerned. Fate egg costs 3
to play, then you have to wait 1 turn (in which fate egg can be killed or lobotomized) and pay an additional 1
. 5
for instant gratification is not quite in scale with fate egg. Not sure how to make it fair but here are some ideas.
Make this a permanent that cost 4 and turns into the creature the next turn (a permanent fate egg so to speak)
Increase the cost to 6
Increase the cost to 6 and have it heal you for 5 when played
Just some ideas. Some would argue that 5
is fine. It is really hard for me to tell honestly.
Just leave the upgraded name as Pet, you don't have to change the name. Apple of My Eye is kind of creepy to me somehow.
I really like the idea though, just needs some minor balancing and art.