The cardcast is almost unbearible. I would definately say this could fit in that

niche.
That's a dangerous reach considering Dark Ritual (although with the alternate cost you could just remove the ritual aswell).
If the alternative casting cost stays, I think the manacost deserves to be at least

if not

to match the Alliances cycle.
Even though the use of this card is perhaps a little narrow, it should not be undercosted because it has the potential to create great card advantage (or disadvantage, to be more accurate). Remember that even with a regular draw turn draw, Shared Agony can trade 2 and 1 life for 2 (cards).