Quite slow with the search effect, unless you run a Level1 Fairy deck. Sending Fairies from hand to GY is not as common either. Sure, some decks do it prominently like anything focused on the Herald of Perfection or Rituals, but even those ought to have a hard time gathering enough counters for searching the more appealing Level4+ Fairies.
Don't really get why the search is an spell speed 2 effect. To grab 1 fodder for Perfection during the opponent's turn, maybe? IIRC there isn't a noteworthy Fairy hand trap to use during the opponent's turn.
In short, card can afford a boon. How about a Continuous effect that supports Fairies or protects itself? That would give it value while it's on the field gathering counters. Making it float is another option.
I see what you mean. How about a few added effects:
The Summon of a Fairy-Type monster cannot be negated. Spell/Trap Cards and monster effects cannot be activated when Fairy-Type monsters are Summoned. When a Fairy-Type monster(s) is sent from either player's hand to the GY, place 1 Fairy Counter on this card for each monster sent to the GY. Once per turn, during either player's turn, you can remove any number of Fairy Counters from this card: Add 1 Fairy-Type monster from the GY to your hand whose Level is equal to the amount of Fairy Counters removed from this card. If this card is targeted by a Spell/Trap Card or monster effect, or if a card effect is activated that would destroy this face-up card on the field: You can discard one Fairy-Type monster; negate the activation, and if you do, destroy it.
Originally, I had the idea of having the card's recovery effect being Spell Speed 2 so that the counters on the card would not go to waste when this card would be destroyed. Now that it has an effect that protects itself, however, it is much less useful than what it could have been before.