Just make it change the ability of the background!
Like, The effect of a scarab wouldn´t change the element either, just because the element of the card/ quanta cost and colour is changed.
That way, it would be a little easier to balance. That aside, it should 1. use up all Entropy quanta (so that you can use it only once per turn), and maybe increasing the cost to six...
But first, we should think about combinations, that this card can be played with. Then we can tell how powerful it may or may not be.
(Against a Firefly of Pharao deck: The opponent plays the first one, you use Alteration and then kill the pharao/queen. Now he has lost the game)