I suspect there's a shorter way to do this, but I think you get the idea.

I think you're trying to hard to make it "all upside" and going for an absurd "eye for an eye" gusto. There's no real way to abbreviate the concept as is (that I can think of), but one possible solution is to change all of the non-eye for and eye stuff into:

Until end of turn, target permanent gains protection from the colors and types of your choice and is indestructible.

After that, you have weird Teferi's Response effects that scale according to how many spells were targeting your permanent before you cast Venerate, except not everyone knows that spells and abilities are being countered when the thing they target is no longer a legal target. So, as cool as the concept is, I'd recommend you rethink its inclusion.

And that Evidence trigger? Not cutting it.

Given what you're doing, why provide hexproof? Pro-x and indestructability really cover those bases.

Also 'protection from types' is unclear.