It's fine without a major use for the final activated ability
Opponents will want to block that four damage, knowing that more pressure is coming, and the result is your one-drop creature takes down something BIG
In a three-color deck it's better than a Guildgate by giving you the flexibility to choose one half of its mana
( can be paid with either or 2 life.) Legendary Creature Artifact - Phyrexian Mite Color tag templates(None) Solemn Simulacrum When this creature enters, you may search your library for a basic land card, put that card onto the battlefield tapped, then shuffle
This means that if the creature doesn't enter the battlefield with oil counters on it, there isn't an opportunity to put oil counters on it after it has already entered to get Ichorplate Golem's first ability to trigger
This fits into a lot of blue decks by letting your opponent make the first move and coming back with a nice retort