Yes, I intended for you to choose any permanent while your opponent may only choose a creature.

Boomerang minus a paint plus the ability to get a creature Remand out of the deal. Such a beating.

In constructed, I would definitely play this, and never run another creature. Every time I played it, I'd feel 'clever'. That's probably a good thing, but this might prove to be unbalanced if tested. I get the impression that there's a reason why we haven't seen 'Undo' in a while. Still, this is a card I'd love to test.

I tried to create this as a variant of Peel from Reality, boosting your options at the risk of an opponent gaining an advantage as well.

What advantage are they going to gain from it? It's not like you're ever going to play this in response to your own creature spell, and if you play it in response to their creature, you get a Remand (minus cantrip) in addition to undercosted bounce.

Bouncing a creature they control to reuse its abilities or clear it of an aura.

If you can bounce any permanent of your choice, why would you pick one of your opponent's creatures that's stuck under Pacifism, or that has a useful ETB? That would be misplaying the card tremendously.

That's why the second part is a creature of the opponent's choice.

It's a creature spell of the opponent's choice, which they're obligated to pick if there's one available (and there's usually not going to be more than one option to choose from), but phrased in such a way that just allows you to play it as a Boomerang, without requiring a creature spell on the stack. That's why it's so ridiculous.