If either the opponent or the permanent you control becomes an illegal target by the time Iroh's second ability resolves, the ability does nothing and you cannot choose to have the opponent gain control of the permanent
Lvl 40: Dark Magician Turbo Note that "Turbo" Farm Decks usually try to go faster than the opponent, and might not have specific answers to their particular deck
Let's look at Bender's Waterskin as an example
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C Common Neo Flamvell Lady X FIRE Level 4 [ PyroEffect ] ATK 1600 DEF 200 (Quick Effect): You can send 1 FIRE monster from your hand to the GY, then target 1 card in your opponent's GY
Not quite the quality of the Jeskai deck, but this deck is definitely another hit in this set and we can all look forward to some lovely new Temur spellslinger decks coming out of this