FWIW, Bonesplitter is viewed as a bit overly strong by modern power levels. They didn't realise quite how good Equipment would be when they first printed it.

How's it now?

Aww. I like bonesplitter. But yeah; having it take effect no early than mana-3 is probably more reasonable.

The way Wizards have done it recently is to give Bonesplitter some random occasional benefit to make up for the third mana. Darksteel Axe, Silver-Inlaid Dagger, Trusty Machete.

So yes, this is fine; if you wanted you could take this opportunity to add some rather minor piece of set-specific flavour here.

How 'bout now? Overpowered?

Well, the club itself can't deal damage :)

But assuming you fix that - yes; very.

An argument can be made against this card being a common. Not because the card is too powerful... it could cost and and the problem would still be there... it's how a card like this would completely warp the draft environment. If I knew this existed in a draft, I would draft nothing but evasive creatures as often as I possibly could. A lot of drafts, then, would become "How many Spiked Clubs did you draft?" and "How well can you block evasive creatures?"

Indeed. I mean, I'm looking at this and thinking "Wow, annihilate at least let you sacc land" (it also didn't give you a chance to block first; so they're comparably powerful)

I can't find ANY equipment granting annihilate.

Hmm. Yeah, I think a repeatable card advantage ability isn't "minor" enough for common.

(The only card that grants annihilator is Eldrazi Conscription, which was somewhat format-warping itself in combination with Sovereigns of Lost Alara.)

How's it now?

Hmm. The ability from Frostwielder.

Yeah. It's nice; but not overpowering. That feels about right to me.

Has some slightly interesting play options too. Opponent blocks the creature that isn't equipped with it; so after combat move it and then kill that creature to exile.

But "dead" and "exiled" is usually a very small difference, so it should be ok to allow such shenanigans.

Yes, this seems fine as a minor bonus on a Bonesplitter-plus-.