The idea is interesting, but I don't like how, because of Fading, the effect becomes more and more strangling before it suddenly goes away. I can't think of a good way to word it right now, but if instead of being able to untap 4, 3, 2, 1 permanents before the enchantment goes away, if it allowed you to untap 1, 2, 3, 4 permanents before the enchantment goes away, that would seem to make more sense. In that regard, the penalty starts of strict, but becomes looser and looser until it disappears altogether.
It's deliberately meant to get more and more severe - my experience of hangovers is that you wake up, feel fine for half an hour, get gradually worse during the day, get some sleep, and are absolutely fine the next day.
@Jacob: I looked at the Master List - no sign of anything there. Unless you're getting at Tangle Wire, on which I think this is a nice twist. Still, if there's another mechanic that would make this work, then that would probably be better.
My main fear with this card is that it'll be totally unplayable. Tangle Wire is used to apply early pressure and keep a player tapped down; this is useless for early pressure, as they keep playing permanents untapped. Does anyone else feel this way?