For starters, this name is all sorts of wrong. I assumed I was going to see some sort of variant of Diabolic Edict, because that's exactly what this card sounds like. Maybe call it "Infernal Logic" or something like that.
As far as the mechanic goes, I think I can do something with this card. The templating below is NOT rulesworthy by any means. I just used it because it conveys how I envision this card working.
Infernal Logic

Instant
Until Infernal Logic finishes resolving, you gain "Pay 1 life: Look at the top card of your library" and "Pay 1 life: Remove the top card of your library from the game."
Draw a card.
***
Basically, you can look at cards for 1 life each and remove cards for 1 life each. If you want to both look and remove, it'll cost you 2 life for each card. If for some reason you know you don't want the top N cards of your library (you just cast Sage Owl or something), then you can pay N life to remove those cards right off the top. When you're done looking and removing, then you draw a card and the spell is finished.