The power of magic probably doesn't matter here, as sending an eagle to the enemy is more of a skill than a spell. The range can be set equal to the scouting range of that hero. As for requirements and limitations, I think a single obvious requirement would be sufficient – a certain level of wisdom. As for "for 1 hero," it's obvious that the spell only appears in the spellbook of the hero who uses the "keen eye" skill.
P.S. another small addition to the "eagle eye" – all spells used in combat with opponents and neutrals instantly appear in the hero's spellbook, and they can be used immediately in that battle.
What, then, is the point of artifacts that increase the percentage of "eagle eye"?