Well, yes, he is powerful, but I see him as a sub-Magneto. The more powerful he is, the more Magneto-like I find him. Except that Magneto is a 1st classe character.
Interesting backstory ... yeah maybe, I do not find it interesting but I understand it can be interesting. I think there are possibilities to expand on that, yes .... but maybe not in a GL book IMO. Personnality, meh, and design, I preferred the old blue and purple design.
Which make me think he could be a pawn of Evil Star. Maybe it could work. Anyway, no I do not find him "badass". He almost suck IMO. Maybe there are rooms to exploit but not with magnetism I think.
On a side note I was reading an old Terra man story and was thinking that (pre-crisis) he had contact with aliens, was most of the time in space, like an outlaw, he could be develop as a pirate or as something like weapons dealer for the universe alongside Kanjar Ro. Just a thought. I think he sucks, but I was just toying with the idea.