I like this cycle, but repeated card draw is almost certainly too strong. I made a similar card with Arcane Scriptorium, which was very good even though you have to spend the loyalty to get the cards. This is legendary, and you lose life when it's attacked too, but I don't think that offsets the benefit of "I got down an early blocker and then drew two cards a turn until I won" :)

(I'm still not sure exactly when familiars should die. As Vitenka originally wrote them, it was when you took non-combat damage, but it may well end up being when you take any damage, or even when you take combat damage?)

Really tricky how hard familiars are to balance. I could just imagine you keeping your opening hand with a familiar, and watching your opponent drop an Elite Vanguard turn one. My best guess, is that you don't want any familiar to have a loyalty less than 4, unless it can gain loyalty. If that means the abilities aren't as powerful, than the abilities aren't as powerful. I mean, unless you add something like an etb... who wants a powerful card that makes them skip a land drop and never works?