This guy has no evasion rendering him completely unplayable in vintage.
1) Grafdigger's Cage will let you survive a full grave long enough to turn this sideways. 2) Dredge has a full grave: you're dying shortly.
In your first scenario. A dredge deck with a full graveyard facing down a cage, likely still has the option to dredge back a stinkweed imp and cast it.
This means there are really no good scenarios to have this against dredge.
I see this as more of an option in legacy than vintage to be honest.
I agree or in modern/standard where a decent number of creatures/removal are played in most decks.