Weeird card. Good in a white or black deck splashing blue. Not very good in a heavy-blue deck (which was what at first I thought you were going for, like an inverse Balshan Collaborator), because it makes you tap all your mana in your upkeep. So bad for a heavy-blue deck in fact that I could see wanting to Donate this to a monoblue opponent! They get extra cards, but they can't use any of their Islands to counter your spells! (Works against an opponent playing loads of Steam Vents and Breeding Pools too...)

Mmmm... Yeah; you're forced to tutor with all your blue mana every turn. Very easy to get yourself trapped; but very tempting to use it to search for your finishers.

Combo's insanely well with Awakening; Bear Umbra, possibly others.

Actually... combos with a single Island as a draw engine. I got to be honest, having thought of that, I would be more likely to build a deck with 8x Evolving Wilds and one Island than the sort of deck Link was probably thinking of.

Mmmm... true. But even then, various artifacts can give you card draw. It's only the multiple search that makes it scary/interesting. (Though I guess it's manybe too cheap for having both those options?)

No, jmgariepy, that's pretty much the type of deck I had in mind. This would get very frustrating with lots of blue, and that was intentional.
On another note, I wonder if this is okay pie-wise.

I think it's equivalent to Vedalken Shackles or Harbor Bandit or Disciple of Kangee. You can cast them without blue, but there's really not much point. They all give blue effects to technically-nonblue cards, so this is fine in that aspect of the colour pie.