I just looked back at my Burning Blade Elite card from a few weeks ago and I figured that this mechanic needed some reworking. I finally came up with a version that I like and that I might use in a future custom set/duel deck: Reflection. What’s cool about it is that it can be used both defensively and offensively.
Reflection [Cost] (Whenever this creature becomes the target of a spell or ability, you may pay [Cost]. If you do, put a token onto the battlefield that’s a copy of this creature and change the target of the spell to that token.)
Note that this ability can be chained and used multiple times if you have enough mana to affort it.