I think you missunderstand what I am saying- I'm saying it's bad on
Wizards for designing this in a way that a less experienced player would think it's good. For years, they have printed "trap" cards- in the early days of the game, it was giant creatures with huge drawbacks or mana costs, like Leviathan or Scaled Wurm. You would play these, realize you would never cast them or it would get killed by a 2 mana spell, and you would learn that you need to respect mana curve and that bigger isn't always better. The bad part of this card is the mill trigger- you could play a dozen games, never actually mill it, and go "man, i'm unlucky. This is probably still good so I'm going to stick with it. Even in the best case scenereo, where you mill 4 copies, you are only doing 12 damage to your opponent. It's most comparable to Sorin's Vengence, a card that saw VERY fringe standard play as a control finisher
The big difference here is that if you ever draw a Creeping Chill instead of milling it, it's basically as stone dead of a card as drawing land number 15, and it's eating up 4 slots in your deck, where as Sorin's Vengence was played as a one of.
I think Wizards needs to be careful about printing trap cards like these. I'm glad it's an uncommon instead of a common, so no one is going to ruin a limited deck trying to force this
As far as effects like this being playable in the past, the only time effects like this were playable at a non scaleable level (ie, Drain Life or Corrupt) was Soul Feast back when Yawgmoth's Bargin/Necropotence were legal, and there is nothing remotely close to that these days. Those decks valued the life gain because it meant drawing more cards, and it could use Skirge Familiar to effectivly make the Soul Feasts free by discarding cards to add mana to the pool, and then re-drawing them after the feast resolved, and using Yawgmoth's Will to eventually re-cast those cards and end up draining your opponent 32 if need be.