People have offered commentary that 1) This is very similar to a card that already exists and 2) This card is too powerful. Those two comments suggest that you should look to the existing card for a guideline on power level and then try to find a way to make the card distinct.
Yes I appreciate that this card is very similar to Mindless Automaton, but I want to create something that relies on the card draw itself, I'm not bothered about whether or not it ends up as powerful as Mindless Automaton. As for the power level I do agree that it is too powerful, so what if I were to turn it Blue-Black, and make it discard your hand when it comes into play?
Eater of Knowledge
3UB
Creature - Wizard Mutant
1/1
When Eater of Knowledge comes into play discard your hand.
Skip drawing a card: Put a +1/+1 counter on Eater of Knowledge.
Remove a +1/+1 counter from Eater of Knowledge: Draw a card
How about that?
The other option I suppose I could possibly take is to make it skip your draw step, that way the deck itself would have to be built around it more and the power level would obviously have dropped quite a bit.