Inspiration I think the use of escalate here is fair.

It is hard to notice that the last line always occurs, but I would use an editor more true to the actual card format to figure out whether that's an issue. Nevertheless: Nine lines of text without reminder text. o.o

Possible improvements: a) I would sort the abilities in such a way that the order of abilities corresponds with the orders of colors in the cost if feasible. b) Since two of the modes give you two options to choose from, maybe there is conceptual space for "target creature or planeswalker card"?

Hm. Well, black does get to do the artifact half of Argivian Find in an artifact block: Fortuitous Find. I thought I remembered it doing enchantments in an enchantment block, but I was thinking of Odunos River Trawler which is only enchantment creatures.

It's quite possible that you only need to exile Race to Find if the last option is chosen anyway. The point of exiling this card is to prevent it from being a recursive engine. But that can only happen if a player chooses option three...

Unless you're regrowing permanents that themselves regrow spells.

True. But cards like Fortuitous Find don't feature self-exiling clauses. I agree it's a 'problem', but it's one that Wizards playtesters seem to pass on in favor of simplicity.