Just a few minor notes: Effect/Area: 1 living creature should probably be listed as Target: instead. I would remove the figment subschool as this is a necromancy effect, and change the saving throw entry to Fortitude partial (see text), giving an initial fortitude save to resist the pain effect and a second fort save to resist the exhaustion. Also this is not a death effect so remove that descriptor. Otherwise, it seems solid; the exhaustion effect at the end after suffering from partial actions is kind of icing on the Crucio Cake.
Now for a spell to cancel target memory, I based this off of modify memory:
Enchantment (Compulsion) [Mind-Affecting]
Level: Brd 6, Sor/Wiz 9
Components: V, S
Casting Time: 1 standard action
Target: One living creature
Saving Throw: Will negates
Spell Resistance: Yes
This spell functions as modify memory, except it affects as many as 30 minutes of the target's memories, can implant even illogical memories (which will be accepted as true, regardless of the creature's natural inclinations or intuition), and the casting time does not increase based on the amount of remembered time you wish to modify.
Special: If this spell is reflected back upon or redirected at the original caster by any means, said caster suffers a permanent anterograde amnesia effect. They are unable to form new memories, including gaining levels, learning spells, etc. This amnesia can only be removed by a break enchantment spell cast by a character of equal or higher level than the afflicted caster, or by a restoration, wish, or miracle spell. Because this special effect may not become evident for some time, determining the cause or treatment may be difficult.
Next request: A spell that combines two mechanically or thematically opposite spell effects into one cohesive unit (like haste and slow, or bless and bestow curse)