Can you run me through the logic that would paint this as being even remotely balanced? Right now it looks like a Delver of Secrets that's instantly online (so you don't need anything in your deck to make it more likely to turn online) and it also has extra +1 toughness on top of that.

Entering tapped is a drawback so minor it ain't even worth a mana of a discount. I would imagine that this sort of card would cost around generally - would still seem like an absolutely powerhouse for limited if printed at common. Maybe you're confusing the design with being superficially similar to Sleep-Cursed Faerie?

Even after all these years, Phantom Monster is not that off-rate funnily enough - for example Threadbind Clique and Storyteller Pixie.