I'm being greedy and designing in multiple areas for Multiverse Design Challenge 8

It's a Basilisk! It's like Lord of the Unreal in that he removes a drawback from Basilisks.

Oh, cool! There's so many tribes I'd not even thought of that would benefit from a lord. +1/+1 is indeed quite natty here: at first I thought it was superfluous, but the power boost will occasionally let them split damage, and at least do more damage if they attack, and the toughness will let them survive a lot more often.

Unfortunately the regeneration may need tweaking: I don't think the current wording does anything, since the basilisk will be in the graveyard by the time the ability triggers 95% of the time (when it dies to a creature). And if it did, it would be really scary, if all your basilisks basically can't die. (OK, it's hard to assemble an army of basilisks, but still.) Perhaps have it be a mana-payment ability instead, or trigger off a basilisk attacking or blocking?

Yeah, the trigger doesn't work as printed. But you could change it to "Whenever a Basilisk creature you control attacks or blocks, regenerate it" (I prefer just attacking to cut down on the brokenness, but that's your call, I suppose).

The problem is that most (I assume) players don't know how regeneration works... that you have to set it up before the creature is dealt damage, and that it lasts until end of turn. So, the attack or block thing will confuse a few people, I'm sure... but I did design something like this once, and in my drafts, numerous people came up to me confused, but having figured out the correct way to regenerate based on my wording, so it may be a non-issue.

Good points. The idea is to be indestructible in combat, but not in general. I forgot the trigger wouldn't work as printed.