It's potentially very interesting in conjunction with Soulfire Grand Master (Soulfire being a 3 mana play and Spirit being a 4 mana one, to ensure value from their text), but it could also see play alongside Collected Company as an evaisive threat or deathtouching roadblock
Ruby/Sapphire decks normally have a good amount of removal (outright banishing characters) and ramp (adding extra ink in a turn)
4 Mage Slayer + Jumbo Cactuar Make Sure It Hits Less of a silly combo and more of an assurance, Mage Slayer is a powerful but often overlooked piece of equipment by many Magic players
Those tokens are tapped and attacking, quickly generating an army of little Squirrel workers the more you attack with it
It slots nicely into Treasure decks to take advantage of cashing those tokens in for mana, and its elf creature type helps it fit into Lathril, Blade of the Elves token decks
When I was a kid, my local gamestore had a display at the front of the counter