If you're the monarch, until end of turn, you may cast a spell from among cards exiled with Court of Locthwain without paying its mana cost
After all, you need to have a creature card in your graveyard or it doesnt do anything
While getting an Elf back when it dies is good, the immediate value when played is just a three-mana 3/1
If my hand contains a Faithless Looting, I would be okay keeping a hand if it was missing one of the pieces, especially if its a reanimation spell or mana as you have a larger number of those, but I wouldnt keep it if I was missing multiple pieces as youre not digging enough to consistently hit everything you need
However, since it allows you to pick and choose two of them, it can turn into a solid instant to put some pressure on your opponents
It may be looking for a card in the graveyard after a dies trigger, but the creature is still sitting on the battlefield