As long as you can continue to put creatures into exile (such as with foretell or other creatures with Adventure), youll be able to cheat their mana costs every turn
Its seen a small amount of play in Pioneer Dimir Rogues, which can use its flying Creatures to defeat the battle
Dredging for six anytime you would draw a card is often akin to drawing six cards for decks that can utilize it effectively, making this a creature worth building decks around
No problem
Nowadays, any standard set release in addition to maintaining power levels, storyline concerns, and relative balance will contain cards for Limited, Standard, Commander, and even occasional cards explicitly made with Modern in mind
Cards like Garruk's Uprising or The Great Henge draw you cards each time Meandering Towershell re-enters the battlefield