Minor suggestion: How about "Appropriate Response" or "Proper Response" for the name? If you want to keep with the tradition of counterspells being verbs, you could cut it down to "Respond". I realize this technically isn't a counterspell, but it's certainly in the same vein.
Is there an issue with 'Proportionate Response'? I think it's fine unless that's too long to fit on a card or something. I mean, Guttural Response is extremely similar in name, seems fine to me.
With the aim of making the response actually be proportionate, how about this version:
Proportionate Response -

Instant
Search your library for an instant card that could target target spell you don't control
and has the same converted mana cost as that spell, reveal that card, and put it into your hand. Then shuffle your library.
"I know just the thing for that." - Jace
That may be among the most complicated targeting restrictions ever, but it would line up directly with the name. You cast Ancestral Recall (or, Aether Vial), I PR to get Mental Misstep (Divert, Spell Pierce, Divert, Flusterstorm, Steel Sabotage), you cast Bob, I PR to get Mana Drain, you cast Tezzeret 1.0 (or, more likely, Force of Will), I PR to get Force of Will. You cast Karn Liberated, I PR to get Commandeer (still awesome!).
I don't know, that would probably make it Vintage unplayable, while furthering the prevalence of Mental Misstep in Legacy. "and has greater or equal CMC as that spell" would make it more playable, since you'll always* be able to grab Force of Will, but does it ruin the 'Proportionate' part of the name? I guess I was trying to work around the PR->Pact of Negation for Combo, but I don't want to remove the potential for value in PR->Steel Sabotage against Shops.
*Yawgmoth's Bargain, Steel Hellkite not withstanding.
A more transparent way of removing PR->Pact of Negation would be "and has non-zero converted mana cost".