People would need to test something like this out a lot to figure out a good balance. If the effect were to go away after 5 seconds, it only lets you avoid a single hit, and to get the effect you need to succeed a counter, that is way too weak of a move in my opinion. Incineroar's Revenge lasts far longer (anyone know exactly how long?), and the attack power it gives you scales with the power of the attack you counter. If they make Ghost Factory a similar counter-activated move, it has to have some sort of scaling. I think the best way to do this would be to "store" the damage a countered attack would've done and instead of automatically dealing more damage back, you phase through attacks until you've avoided the stored damage (multiplied by some number 0.5-1.5 for balancing).
Then again, that wouldn't make much sense if it's not 1v1. :/ It would be broken in 2v2 with team attack... Who knows, maybe it'll just let you avoid 1 single hit but have a very long startup instead of being a "counter" move.