The only real problem with this is that this card completely surpasses the original Polymerization in every way. Sure, there have been Quick-Play Polymerizations and Fusion Spells that banish from the GY as the cost, but they're all used for specific archetypes. The more 'general' Polymerizations are considered 'side-grades', rather than upgrades. For example, Super Polymerization is a Quick-Play and can't be responded to, but it only lets the player use monsters on either side of the field. Also, it forces the player to discard a card just to play it. Ultra Polymerization lets you revive your Fusion Materials and can't be responded to, but it only lets the player use monsters on their own field and forces them to pay 2000 LP.
There needs to be some kind of 'cost' or 'disadvantage' to using this over the original Polymerization. Maybe the resulting monster should have its effects negated or something... That would still make it useful for a non-Effect Fusion Monster. You could also make the banishing for LP gain effect a quick effect to make the monster function like Psy-Framelord Omega, but of course, its effect would still have to be negated.
Made it so the player has to have at least a monster on the field and a monster in the hand for this to work and can neither use all monsters from your field or all monsters from field.