Quote Starting Hand Example 2:
Tundra / Mox E / CotV / Mana Drain / Brainstorm / Fetch land / Mystical Tutor
This really boils down to what deck the opponent is playing. Unless you're against Long, Chalice for 0 is probably not the best move. There are realy two moves I'd go with:
Plan A:
Emerald, Fetchland. EOT Fetch Underground Sea (only Shaman is maindecked red spell, and we're about to set Chalice to X=1) and cast Brainstorm, putting back any CMC=1 or late-game cards (win conditions, Will, that sort of thing).
During your upkeep, Mystical for a spell that doesn't have CMC=1. Draw your spell, play the Tundra, and drop a Chalice for X=1.
Balance might be the best thing to Mystical for, as you're +3 already (Mox, Chalice, Mystical). However, they can always throw their useless CMC=1 spells into the Chalice to fuck your Balance (or just discard them), so maybe not.
Plan B:
Play Tundra, Brainstorm, hiding the Drain on top of the deck. Drop any CMC=0 cards you drew, then Chalice for X=0. Next turn keep Drain mana open.
Those stand out as the strongest plays, but it's up to the player to decide which one to go for.