The ability might be on the cheap side, but I don't really want it to suck...

I like it! I've always had a fondness for Aura-moving effects, and I like a card that does that at the same time as making things to put the Auras on.

Could this fit at uncommon?

Seems slightly too good to me. Maybe drop its P/T a bit? You're effectively giving red/blue a disenchant on a stick.

Also of note - you probably want some wording to stop me moving an 'enchant land' onto a creature :)

I definitely like this. I'm not sure how it should be tweaked:

• Should you be able to make the tokens without an aura to put on them?
• Should the tokens be sacrificed AEOT?
• Should this be able to hit enemy auras? That's more fun, but significantly stronger, which means by comparison it'll rarely be played on your own auras. Maybe it should return the aura to hand AEOT then at least you only get one use out of your opponent's aura.
• Or maybe put auras from your hand into play instead (although that was broken with equipment :))
• Or maybe it's fine :)

Blue has had Enchantment Alteration, Aura Graft and Simic Guildmage before (as well as the original Crown of the Ages).

And the "enchant land" issue will be fine because the step that goes "attach that aura to that creature" will just fail:

>303.4h If an effect attempts to attach an Aura on the battlefield to an object or player, that object or player must be able to be enchanted by it. If the object or player can't be, the Aura doesn't move.

Do you think I need reminder text, so that people realize/ remember that rule exists?
I think the other aura-moving effects say this can be fine at uncommon. The fact that you can only put the aura on a 1/1 creature token, coupled with the fact that you don't gain control of it and your opponent could, I suppose, sacrifice it, makes me think it's not any better than Simic Guildmage or Aura Graft.