Hmm, since original spell continues CD it's basically just having a 3rd summoner spell that you can pick and choose, seems exceptionally powerful now. It really allows to adapt to evolving gameplay like early game add a shield on top of your heal bot lane, late game you manage to open the back end and you pull out teleport. There's good opportunities to use several different ones at different points of the game lowering CD and ultimately allowing for some really cheap plays with teleport.
I think it might be a bit too strong, but keep in mind most keystones are pretty strong.
Basically, by 22 minutes its coodlown is also reduced to 3 minutes....and I see no cap on how far that goes down outside running out of summoner spells... So -1 min 45 on original...bringing it to a 2 minute 15 second on demand summoner spell (by the 30 min mark) that doesn't lower CD of your other summoner spells...Honestly...it may be too strong.