Sorry for kind-of-threadjacking, but I'm glad I got to this before the 24 hr clock is out.  A friend and I designed a card way back when that uses the same idea, but has different (dare I say better?) flavor.  Templated using modern wordings, it would be something like:

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Dojo Visitor
U
Creature -- Human Monk
1/1
When Dojo Visitor comes into play, you may look through target player's library. Then that player shuffles his or her library.
Study, and grow strong.
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It's probably more powerful than any of the versions of Benalish Spy, but I don't think that's a problem.  It's a strong effect (especially in Limited formats), but it's certainly not broken, and the effect only happens once (barring combos), so it won't be abused like Soldier of Fortune.  Some relevant 1cc cards for comparison: Various 1cc 1/1 Merfolk (useful creature type and ability), Flying Men/Hapless Researcher (useful abilities), Telepathy/Urza's Glasses (knowledge of opponent's hand rather than deck), Portent (seeing some of opponent's deck, shuffling).

For anyone who doesn't get the reference:
http://www.classicdojo.org/
http://www.starcitygames.com/php/news/expandnews.php?Article=4099

I've been playtesting a 5-proxy nearly mono-black version of this deck (a decklist for which I'd be happy to provide, but, not wanting to offend the mods, I'll wait for someone to tell me it's okay to post a 5 proxy deck on the budget forums).  I've been using a card which hasn't really been discussed in this thread yet: Lion's Eye Diamond.

As far as I can tell, this card is a monster in this deck.  The way you get around the drawback is by playing out the eggs in your hand, and then popping the diamond in response to one of the draw or tutor spells.  You can then use the mana to pop some eggs and then cast whatever you drew/tutored into.  A simple hypothetical: 1st turn land, Ritual (or Mana Vault or Mana Crypt), 3 eggs, LED, discard 1 card, Pop 3 eggs, get 3 cards in hand and 3 colored mana to cast them with.

Two anecdotes, both without a Helm of Awakening in play,  that show its potential:
1) I had three hard-cast eggs and a LED in play, a Death Wish in hand, and BB1 in my pool.  I cast Death Wish (thinking I would get a Wheel of Fortune), responded by popping the LED, discarding a Conjurer's Bauble.  I let the LED resolve, and then added the three egg effects to the stack (I should have played them one by one, but I was cocky).  I drew a Dark Ritual off the eggs, which I cast using the BBR in my pool.  I was then able to instead get a Tendrils off the Death Wish, and win.
2) I ritualed out a Death Wish, popped an LED for BBB in response, and then some eggs.  I drew a Demonic Tutor off the eggs, so I got Yawgmoth's Will with the wish.  I used Yawgmoth's Will to play a land and some rituals out of my graveyard and replay the LED.  I cast the Tutor off the Rituals (dropping some 1cc artifacts along the way) with B still floating, and sacked LED in response to the tutor for BBB again (discarding a Night's Whisper) .  I grabbed a Tendrils with the tutor and won.

I've been goldfishing Ifflejink's build listed on page 8 of this thread, which includes 4 Conjurer's Baubles.  I can't say that there's ever been a time when I've drawn a Conjurer's Bauble that I wished it was an off-color (Sungrass or Mossfire) egg instead.  Possibly after sideboarding in 4 Xantid Swarm that would change.  But with so many sources of 5-color mana in the deck, I don't think I'd prefer the marginal utility of mana fixing to the varied marginal utility of the Conjurer's Bauble.

Conjurer's Bauble is more resistant to stall when under a Helm (no need to have mana floating), and easier to use to dig to a Helm (no mana in activation cost).  The ability of the Bauble is optional, so it can really never hurt.  The Bauble's ability makes the infinite storm combo possible (empty library via Doomsday or an intentionally bad Demonic Consultation and two Baubles).  And being able to potentially recycle a key spell (the 1 maindeck Tendrils, or a countered Death Wished Yawgmoth's Will) is nothing to sneeze at, either.  While I wouldn't play with only Conjurer's Baubles and no eggs, I think including 4 Baubles to complement ~12 eggs (and 4 Chromatic Spheres) is a fairly easy decision.

PS.  Sorry for writing so much and acting like a know-it-all in my first post.