Between burn and straight-up prowess decks, there are plenty of uses for a hasty 1-drop with the potential to be hitting for 3 or 4 damage
At the beginning of your combat get a free equips or retarget auras you control to any permanent or player, note that last one can be another
Outside of decks where its abusive, you are still drawing a pair of cards each time the equipped creature dies
The extra casting cost is more than offset by the generic mana cost in use
I can't see any way to do anything great with this, but a card that does this many things usually has some potential
To get the Magical Christmasland outcome, you need to run few creatures to avoid having to sacrifice them, a ton of colorless mana ramp, quite a bit of colorless bounce spells, and likely some colorless discard outlets