Highly suggest against making the upgraded form colorless because colorless pc is a little too much in my mind. That being said I personally think in current form its more powerful than deflag/explosion which shouldnt really be the case.
I think this card is weaker than Explosion - it doesn't outright destroy the card (unless you've filled your opponent's hand with Nightmare) and if your opponent has a deck full of similar cards or a small deck he might just draw another copy of the same card. As a result it costs less. The effect in general is downplayed if the opponent has lots of quantum to use because he doesn't actually lose card advantage, he simply just gets different cards to use.
As for making the uppgraded card cost Other, I did so because 1
seems a bit too straightfoward - this card respresent a freedom-style aspect of Air and allows Air to counter some quanta disruption (if Discord or Pest gets rid of all
, you can simply draw from a different quanta source - Part of this card's goal is give monos a counter to quanta Disruption)
It also gives all Elements a source of soft PC that some elements (including Air) could use badly. (Consider the fact that other cheap cards such as Holy Flash and Animate Weapon also cost Other when upgraded, and then there's Sundial which effectively reduces it's cost to nothing.)
Balance aside, I really like the idea of reshuffling a hand and think it fits in air or entropy themes but sadly it does sound like one of those "no fun mechanics". The person that got their hand shuffled will be irritated by it but the person shuffling the others hand doesn't really know what damage he did so no joy occurs.
There are other cards that can create equal and usually greater frustration when used at the right time (Discord/Black Hole, Fire Shield, Steal, Phase Shield, Fractal, Pests, Pandemonium/Bonewall etc...). Most of these cards have various counters as well and so does this one. (Sanctuary, Lots of Pillars, Creature-based rush, etc...)
I find that this would make PvP matches more interesting IMHO since a player is forced to rethink their moves with a new hand - Air has been stated sometimes as having a rather "predictable" offense that is easy to deal with (given that it relies on sheer damage in mono and some of it's expansive cards like UG and FFQ require duos, this makes sense.), and I'd like to see it function more effectively - this card gives Air a source of mono-PC and uses the shuffle effect to help the player and knock the opponent around to prevent Air from being as predictable.