Probably not very sensible to print, because it's worse than Momentary Blink unless you're doing silly stuff with it, and Deadeye Navigator is better for the silly stuff.

Although on second thoughts it's always annoying when you're building a blinky deck and it happens to particularly want one particular blink card that happens to be in the wrong colour. So as a white temporary Deadeye Navigator that comes online before turn 6, this probably fills a useful deckbuilding niche.

Ah. This took me a couple reads to figure out what you were going for here. I get the impression it might read better if it nested its own ability, like ": Exile this creauture, then return it to the battlefield with the ability ': Exile this creature, then return it to the battlefield.'"

Though, to be honest, the first delay seems to be the most confusing part. Why not just blink it, then give it the ability?

Or maybe ". Exile target creature and return it to the battlefield X times"? :)

Oh! Erm, that would be a bug. Yes, it definitely should blink at the moment this resolves.