Colosseum really makes CBI/CBN on Enhancements equally strong for different reasons. A CBI Enhancement will not be made a dead card by Colosseum, but will be stopped by prevents, and vice-versa. What I've heard from the playtesters is that going forward, typically CBN or CBP will be used if its to boost power value on the card and CBI will be used if negating would be unduly messy but would not otherwise be CBN. The SA on this card could really go either way imo.
As to that SA, Rehoboam says "hi." There's a reason alternate rescue conditions are very specific about stopping weasely ways to rescue multiple times per round, and side-battles are tops. In fact, you could, with this card, win on round 2 of the game. Now, assuming the SA were otherwise the same but all loopholes were closed. Assuming two 56 card decks, playing Blood of the Lamb and Burial will lead to massive LS shortages even with adequate LS generation for your opponent. It also functions as a CBN negate. And its cost? Not being able to use a battle-winner you'd already used again, not being able to use the Hero you play it on again (and it can be literally any Hero, including ones that don't do much once your deck's developed), and having to play the card.
I like where you're going with this, and I like Exodia combos, but this one is just too easy and too packed with value in its current form. Make it Blue and have to be used by an N.T. Hero and then maybe it's balanced.