This card has the same properties as Diamond Dude...
Also, since this card banishes from the Graveyard, it will most likely act as a second copy of ANY Spell card (Monster Reborn) and since it copies effect(s), you can skip all costs and/or conditions, allowing you to activate cards that you normally could not use. See "Destiny HERO - Diamond Dude" so you understand and the "Diamond Dude Turbo Deck".
This card is essentially another Diamond Dude with the ability to "search" out the Spell Cards and has defensive properties to boot. It is also a mill machine, so Lightsworns like it. It is overpowered as it can become a field nuke (ODH or Final Inzektion) a +3 (Beginning of the End) and pretty much any Spell card that has the misfortune to hit the Grave. In addition, as I mentioned before, it allows reuse of powerful spell cards and is considerably much more splashable than Diamond Dude in a deck (Cause of Staple Spells).
Also, a little thing:
When this card is Normal or Special Summoned, Send the top 3 cards from your Deck to the Graveyard and increase this card's DEF by 400 for every Spell Card sent to the Graveyard by this effect. Once per turn, banish 1 Spell Card from your Graveyard and reduce this card's DEF by 400; Until the End Phase, this card's effect will become the same as the effect of the banished Spell Card.
[It was well done, some minor error. Namely, you placed : (Colon) instead of (Semi-colon) during the second effect.]
6/10 cause broken, you need to fix that problem with copying effects. It is extremely abusable.
Otherwise, excellent job.