That will likely be enough to make a few of them an appealing choice for Commander players looking to sneak more spells into their mana bases, and probably useful pick-ups when doing a booster draft for Modern Horizons 3
At worst this is the more ferrous version of Moon-Blessed Cleric, and tutoring to the top of your library can still be pretty effective with the right follow-up
First, if your Ring-bearer is small, well need ways to increase the power: Equipment seems perfect for this, since another creature can wield it until you want to hand it off to the Ring-bearer
In plain English, you can try to cast Goblin Grat Rider for less than full cost, but for each mana you cheat by, there's a chance you'll fail and waste your effort
Then you can -9 him to make an emblem to turn anyone casts (you or your foes) into 2/1 Ninjas
Compared to Twister the only real disadvantage this card has is that it gets removed from game which rarely comes into play