Sure, that means you'll draw one fewer since you discarded the land first and then the spell is cast, but a repeatable card flow discard and draw effect like this is bananas
Additionally, if you can find a way to sacrifice your Scampire-d creature before it gets exiled on your end step, you'll be able to do it all over again next turn
You lose 1 life
Considering it only costs one mana and has two toughness, it's no surprise it is worthy of its value when combined with foil, retro borders, and is only one of 500.
I would argue that the Magic equivalent is a low opportunity cost in deckbuilding, which is why good utility lands are always among the most played cards in Constructed
But as Wizards put it together, they found that the cards they pulled from Magics archives didnt quite fill out the range