Flames of the Blood Hand costs 3 and is an instant though. Same with Fallout. Price of Progress matters less with its instant speed-ness, but some of Blood Hand's power, I feel, is in its instant speed lifegain-prevention power; and Price of Progress is an extremely cheap and efficient burn. Volcanic Fallout can't be countered, and this (the Planeswalker itself) can, thus why I said Pyroclasm-esque power level.
Power-wise, I feel that it's a bit expensive and a little slow (though the Price of Progress effect in older formats is worth it); it would be significantly better if it could activate its abilities at instant speed, but then it would no longer be a Planeswalker...
It feels more like it should be a modal Instant than a PW, imho. That's an interesting concept, though; perhaps it'd work better with spells that were originally sorcery-speed. Hmm.