I've been using 4x in my dredge deck. It's great! Yes, a bit disappointing to see in your opening hand, but that's part of the risk of running the card.
I run 4x Hollow One in the board. That in combination with Creeping Chill makes for a very strong post-board game.
@horologium Is your sideboard plan a full sandbag into a list that does not care about the yard at all. or just splashy stuff.
I ask because part of me wonders if there is not validity to going even further in that direction.
4x Hollow one
4x Creeping Chill
4x Soul Spike
4x Chancellor of the dross
4x Chancellor of the Forge
So on and so forth. The list does have the potential to be faster and more disruptive than even regular dredge compositions since it can do copious amounts of damage on turn one, potentially putting players in the danger zone if they start trying to play fetches, misssteps, etc.
@protoaddct Problem with this is that you're not killing them without other stuff going on. Per game you get perhaps 1 Chancellor in your hand + 2-3 Chills + 1 Soul Spike (which is what you're expected to be able to cast with all that bazaaring going on). That's 13-16 damage at best...
@protoaddct No, I don't have a completely transformation sideboard. I bring in 4x Hollow One, 1-3 Mindbreak Trap, and leave in all the Creeping Chill. I usually board out a dredger or two, some number of Unmask (0, 1, or 2 depending,) and the dread return package.
Opponents usually over-board against dredge, so the combination of hollow one and creeping chill is pretty strong. If the opponent blinks early (cracks a tormod's crypt too soon, etc,) I'll dredge for value to get some Bloodghasts on the field (usually hasty due to Hollow swings + creeping chill damage.)
If the opponent is super aggressive with grave hate (crypt, cage in multiples, et. al.,) I don't really mind because I've boarded out the dread return package anyway and eventually I'll just hardcast some narcomoeba or thug, or whatever else.
Edit: Keep in mind that crypt will exile the creeping chill and prevent the trigger from resolving, which can be annoying.
I am not a dredge player at all, so take my opinion with a grain of salt.
For me this card seems to only work together with other direct damage or lifeloss effects to be enough (for example with the new golemn card that makes your opponent lose life equal to creatures in your GY). However, while I think that it is pretty potent to kill your opponent with direct damage/drain, there probably needs to be a good reason why playing this strategy over just attacking is worth it.