I waited for some other commenters to be sure, but I also thought it was under-powered. As others have mentioned, there are other options that allow one to add a skill to casting total in certain occasions, without having a downside.
I'd think you'd want to make it at least +3 per level if it's a skill. I don't like it improving spell resistance. As it's an ability of a founder, one of the key issues of magi antagonism was lack of spell resistance (as well as two gift penalties acting simultaneously), which is what made the Parma such a game changer. If Mercere had some spell resistance, it changes the dynamic somewhat.
On the premise I can only see so far, as I am standing on the shoulders of Giants, I shall suggest some variants.
Fragile Gift. minor virtue. The magi receives a -2 penalty to social roles, instead of -3, and while there is a sense of unease people feel around the magi, it is slightly less than the usual gift.
The magi can push their magic to the limit, adding their warping level to their casting total for formulaic and ritual spells. Any time this is done, add botch dice equal to the bonus provided to the casting total. If 3 botches occur,the gift is lost.
Fragile Gift. Major virtue. The magi receives a -1 penalty to social roles, instead of -3, and while there is a sense of unease people feel around the magi, it is significantly less than the usual gift.
The magi can push their magic to the limit, adding 2 + double (or maybe triple) their warping level to their casting total for all magic rolls and lab activities. If used as a lab activity, it is considered experimentation.
Any time the magi uses this boost, add botch dice equal to the bonus provided to the casting total. If 3 botches occur, the gift is lost.
At a point late in his career, with a decent warping level, Mercere could be getting over +10 from this virtue, and assuming a MMF in travel, the Mercere portal looks more achievable within game rules, instead of using hand wavium.
I personally have no issue with hand wavium. One can argue magic was different in the founders time. Maybe the rulers of the magic realm equivalent of Arcadia wanted exemplars of magic on the Earth, and gave powers to the founders in great excess of the modern (game time) day. It doesn't really matter, however, for those who do care, this does give some extra numerical kick to push Mercere to the point of making the portal.