except that in your deliberately chosen example....mind twist clearly did disrupt your game plan since casting it prior to nauseam required you to use all your dark rituals and your lotus. in addition your example made the choice "win the game now through counter magic, or cast mind twist and maybe win the game now" you'll forgive me for thinking that it's a poor example of a time when twist might be useful but something else is still better. Nauseam decks are necessarily threat light, many of the big threats for combo decks are expensive, using them makes your average CMC too high to consistently win the game following nauseam. Twist isnt' a card that I would cast if I had Nauseam on line, it's a card I'd cast as an alternate threat.
Regarding your point about whether twist that depletes both hands is bad for you, I disagree. Turn 1 mind twist that reduces both hands to nothing by putting a bunch of mana producers into play on your side while forcing your opponent to discard their whole hand, isn't a bad scenario for this deck. it leaves you looking for cards and them looking for mana and cards. that's a big difference.
in either case this is a pointless discussion since Jay has actually seen a deck that played both and was unimpressed by it, thus answering my question without resorting to theoretical examples.
in my example you can mind twist for 5 then cast nauseam. I would still rather spend 1 mana and get their force than this. In every other instance casting Mind Twist for 5 means you spent all your rituals and now you can't cast nauseam even if you draw it.
Mind Twist does not help you win and competes for resources you need to win.
Having both hands empty is bad for you because you need a more complicated hand configuration to start doing something than your opponent does to either start doing something or to disrupt you. Your opponent is going to draw what he needs to take control of the game before you, because it's just easier to get. You have no way to capitolize on the tempo generated (though your opponent very well might) and are backing yourself into a hand sculpting race with a deck that doesn't have a draw engine.