They are, after all, a three-mana Planeswalker, which often seems to be the sweet spot for power
If damage is prevented this way, create that many 1/1 colorless Phyrexian Mite artifact creature tokens with toxic 1 and "This creature can't block." If multiple replacement or prevention effects try to modify damage that would be dealt to a player, the player being dealt damage chooses the order in which they apply
Waxen Shapethief can clone your best cards, or with a few tricks, your opponent's cards too
While the ability is somewhat of a trade-off, card draw in Steel is especially useful without A Whole New World to rely on, and increasing the Strength of a character to draw more cards is a big boon
But even then it probably won't be competitive enough for it to be viable
Really, were just saving ourselves the trouble by cutting 2 colors