Visions is still good enough to see play; I don't think we should print a strictly better version.
Agreed, this version is basically a better demonic tutor. It's instant and you get to place the 4 other cards as you like, insuring no dead draw for the next 2 turns at least. All this for about 3-4 life on average if you are looking for a restricted card.
I'd see that card as a Demonic Consultation type:
Look at the top five cards of your library.
As many times as you choose, you may pay 1 life to remove those cards from the game and look at the top five cards of your library.
Put those five on top of your library in any order.
Effects that prevent or redirect damage cannot be used to counter this loss of life.
Draw a card.