Repeatable artifact and enchantment removal like this is really powerful. Even if it leaves them with a creature, it removes the target's effect from the board (Usually for good, as very few artifacts and enchantments can be turned face-up again) and creatures are much easier to remove. Admittedly this is much stronger in EDH than in other constructed formats, but it's absurdly powerful in that format and still fairly strong in others. Add in the ability to target your own creatures as well in response to removal, or even have it protect itself in a pinch, and you get a card that I at least think should either cost more or have an activation cost for its first ability so that it at least isn't free repeatable removal.

I don't like the use of hexproof in the second ability, because the first ability looks like it should be used on opponents' powerful artifacts or enchantments, and in that context the second ability looks like it's a way to prevent your opponents targeting their own cards to bounce them or whatever. But granting hexproof to opponents' stuff of course still lets them target their own things, it just stops you (and any third parties) from targeting it.

I think the idea is that you use it on your own stuff in response to removal, but as I implied above, this is going to be used on your opponent's stuff far more often.

Also, that first ability has way too many memory issues. There's a reason Manifests have a different token from Morphs -- the rules require you to track which ones can be turned face-up by a morph ability, which ones can be turned face-up by manifest, which ones can't be turned face-up at all and, with your card, which ones can be turned face-up for . Unless "able to be turned face-up for " is a recurring mechanic in whichever set this is in, it's probably not a good idea to handle it like that.