I see that some balancing issues were addressed.
There are some rules text and card frame templating issues, as well as some adjustments to flavour that's needed, I think.
1. Keyword abilities should be listed first, as a separate line. Only the first is capitalized.
2. Each distinct ability should also be listed on a separate line.
3. The card borders always match their mana cost, and this defines their colour. As for the symbols, there is a specific order to them as they appear in costs. Magic Set Editor does this automatically, providing appropriate borders and mana symbol order.
4. The attributes do not correspond directly to colours, and I think that this series should be centered on white, with red and blue as secondary colours. These should match the abilities for each one (red for damage, blue for returning cards to hand or library).
5. Generally, cards in Magic don't tend to directly reference each other by name, as Yu-Gi-Oh does with archetypes (causing linear deckbuilding, power creep, and other issues which isn't actually relevant here). Sephylon should probably exist as it does in the printed TCG/OCG. Ain Soph Ohr could probably exist as a single card, either an artifact or enchantment (or both, I suppose).
6. Magic has different "card grammar". You'll learn this with time.
7. Did you not include Jikaimiko/Temporal Machine Priestess on purpose?
Obviously, it's not up to anyone else to restrict your creativity, but it seems that your goal here is to adequately convert Timelords to Magic, realistically. Here's an example of another version of Tzaphion:
Notable changes:
-colours
-"Temporal Machine God" would be best represented with the artifact creature typing, and the card itself is based on Tzaphkiel the archangel, so the angel subtype is also appropriate
-protection from creatures, as opposed to hexproof; it cannot be blocked, dealt damage, or targeted by any creature (since players are Planeswalkers, I think that spells should be able to affect the lesser Timelords)
-draw cards when it returns to library, rather than drawing when being removed by any method, as the anime did not show it being banished, as I remember
-drawing three cards happens to be more iconic than drawing until you've a hand of five, as Magic players are more likely to remember/know of Ancestral Recall than Yu-Gi-Oh players are likely to remember/know of Yamata Dragon
-you can use it to block all the combat damage from your opponent, and due to protection, it won't die to tricks like -1/-1 counters from infect (I also forgot to remove the prevent combat damage line after adding protection from creatures)
-the stack functions like the chain, which Timelords do not affect at all, whereas spells and traps on the field are comparable to enchantments and artifacts
-not shown, because I don't want to go back to fix it, but the first instance of a legendary creature's name in its own text always appears in the full form, and all subsequent appearances are shortened
-you can probably come up with a version of the "normal summon if you control no monsters" clause, possibly by making a static ability to reduce its mana cost, but this is difficult to balance correctly; I think that keeping them at a converted mana cost of 10, with various tricks to "cheat" them out preserves the original appeal of the Timelords