Why would I ever choose to lose 5 life? I'm drawing a card either way.

You would choose to lose 5 life so you can continue to loop your other conduit abilities. This card is set up so you can have big conduit combo turns.

I'm a little confused. Right now it's

>Attempt to draw card -> Choose to replace draw with this card's effect -> Lose 5 life, attempt to draw a card -> Choose to replace draw with other card's effect.

Without it, it's

>Attempt to draw card -> Choose to replace draw with other card's effect.

In each situation, you're only getting one effective conduit trigger. It's just that with this card, you get to lose 5 life while doing so.

You can only replace each event with another event once. In other words, for every time you draw, you can only choose to activate one conduit card's ability. You're not drawing any more than you should be with this card, so you're not activating more (other conduit card) abilities than you normally can.

The way conduit works is that the effects don't replace the draw. Deciding not to draw, triggers all conduit effects.

Not as currently written it doesn't.
Wording would probably end up as something painful like: Whenever you would draw a card, you may conduit instead. When you conduit, lose five life and draw a card.

And, yeah - this is probably not a good conduit enabler;from what we've seen so far. And it's the rare?