Okay, so first suggestion is to lose the evolve reminder text. Yes it's a new mechanic and all that, but on a legendary rare or mythic card like this, you can assume players already know what it is, and you'll save a decent amount of space by doing that. Also, this should have a better name (no offense). Ooze Lord just isn't very evocative or descriptive, and legendary creatures almost always have proper names nowadays.
As for the actual abilities, this sounds like a really cool card. Like an Ooze Flux on a stick or something. I would suggest having the first ability make X 1/1 green Ooze creature tokens with evolve, rather than one big one, as that will actually work better with evolve. I'd make the first ability cost mana and require a tap though, and the second have just a mana cost, so this doesn't get out of hand and you can once again save a lot of space by doing away with the end of turn and upkeep triggers.
The second ability only has one weird thing about it, and that is you get one more counter back than you take off your other creatures. Aesthetics means a lot, so I think it's important that the two abilities match up a little more, making the wall of text a bit easier to grok. Overall, here's my suggestion:
[Creative and Cool Name Here]
3UUGG
Legendary Creature - Ooze [Mythic Rare]
~ enters the battlefield with five +1/+1 counters on it.
Evolve
GG, T: Remove any number of +1/+1 counters from ~. If you do, put X 1/1 green Ooze creature tokens with evolve onto the battlefield, where X is the number of +1/+1 counters removed this way.
UU: Remove any number of +1/+1 counters from among creatures you control. If you do, put that many +1/+1 counters on ~.
0/0
I really like this card and I think it could be a hell of a lot of fun.
Edit: Oh, and I really don't think this needs to be in Unglued. I don't think it's that broken really for a seven drop legend. I could easily see Wizards printing something like this.