I'd be all over this card if it were implemented. I also like the idea of the card draw thing. It makes the card inferior to explosion when used on the opponent, and actually provides a way to draw cards yourself if you really need to. (hmm I can't win, I'll blow up my own pillar and draw a card and hope it's miracle...) I think I might cost it one higher on both versions, though, since time doesn't feel thematically like an element that should have easy access to permanent removal. The draw a card clause goes a long way towards balancing the cost and making it unique, but I still think +1 cost would be appropriate here.
As an alternate idea, you could go with the rewind theory of time and have something that bounced a permanent to owner's hand or deck. I had an idea for an air card that returned a permanent to owner's hand; not sure if I ever posted it or not.