I would absolutely love premodern Vintage — in fact I actually already brew decks for such a format because it’s enjoyable for me to handle the cards from this era and fully anticipate it to be a thing in the near future.
I already am very enthusiastic about premodern and middle school and strongly dislike the new art, the new borders, Planeswalkers, and OP hatebears that dominate the modern vintage meta. I keep up with Vintage just for traditions sake, but actually playing modern vintage just isn’t remotely appealing to me.
There’s actually a black land with this effect already. https://scryfall.com/card/eld/241/castle-locthwain
This card is great for a burn deck, which is loaded with Bolts and Chain Lightning’s. It allows you to pick a more modest number because if the opponent chooses to high you can just burn them out.
Also, you might not want to bid 19 life if you plan on casting more than one wheel
Well for one, currently Mana Crypt is only played in PO and Shops for the most part. A lot of decks have nothing to do with 2 colorless mana. And for a long time, Stax players would sometimes lose to their own Mana Crypt.
You can also look at old school where mana bases consist of City of Brass and people play Black Vise and Ivory Tower. The life loss is significant especially if it’s not helping you to cast Counterspell.
It seems much better in the premodern era but I can’t speak as to why it wasn’t played.