The "Crazy One", playing casual magic and occasionally dipping his toes into regular play since 1994.
Currently focusing on Duel Commander (Kari Zev, Skyship Raider and Nissa, Vastwood Seer) and goofy Commander builds.
Find me at the Wizard's Tower in Ottawa on Saturday afternoons or at Duel Commander at the Westboro Barley Mow (Duel Commander) on (very) occasional Monday evenings.
Since the creatures just phase back in, I don't think this interaction works like you think it does.
So booting opposing Bob and Goyf just makes them not attack, block, or produce CA for two turns? Boo, that's not long enough.
Theoretically, with a large enough number of creatures (I think 5?), Teferi, Time Raveler can +1 3 times, then -3 to bounce this to your hand before it runs out of time counters, and then you just recast it every 4th turn. Obviously not a hard lock, since Teferi is vulnerable to hasty dudes and limited in how often he can bounce the enchantment, and any enchantment removal brings them back immediately, but it is definitely something to be aware of.
This can actually remove commanders for a few turns, yes?
It sure looks like it, since phasing does not cause a change in zones.
If a commander is in a graveyard or in exile and that card was put into that zone since the last time state-based actions were checked, its owner may put it into the command zone. If a commander would be put into its owner’s hand or library from anywhere, its owner may put it into the command zone instead. This replacement effect may apply more than once to the same event.
702.26d The phasing event doesn’t actually cause a permanent to change zones or control, even though it’s treated as though it’s not on the battlefield and not under its controller’s control while it’s phased out. Zone-change triggers don’t trigger when a permanent phases in or out. Tokens continue to exist on the battlefield while phased out. Counters remain on a permanent while it’s phased out. Effects that check a phased-in permanent’s history won’t treat the phasing event as having caused the permanent to leave or enter the battlefield or its controller’s control.
I guess if you could proliferate the Vanishing counters, you could keep this going for a long time. But, Out of Time is vulnerable to enchantment removal, so the creatures will phase in once this leaves the battlefield. I'm not sure how prevalent enchantment removal is in Modern, but I would think removal is more prevalent in Commander/EDH.