Ooh. Countermagic is one of the rarer effects to see on artifacts; I can't think of any since Null Brooch. Which means Legendary is plausible from that point of view, but the rest of this card doesn't really make it feel Legendary. Tricky.

Also, it's repeatable counterspell, you rarely see that even in blue. I'm not sure if that's a good combination or not, though I like the flavour.

Good point. It requires 3 mana sorcery-speed setup, but that's still a lot easier than Forbid. Should probably require some life payment or sacrificing permanents/cards in hand, or both.

Or just become nonrepeatable. A Vulshok Morningstar that you can sacrifice for a oneoff counterspell is probably pretty playable.

I think that I read somewhere from Maro that they've specifically avoided making Artifacts have access to counterspells.