Thanks for the advice guys.
I am leaning towards rejecting it, but quoting Dave "I don't like just saying no". I'll speak to the player and see if he can come up with some changes to make it less likely to be easily abused. I certainly think adding a 250 gp cost for components would be a step in the right direction.
Maybe trying to alter reality with such a low level spell could leave the sorcerer fatigued afterwards.