That thing will probably be eaten up by players somewhere. Orgg compared it to Frantic Search, and it will probably see much the same use (albeit without the fun untapping tricks).
Overpowered? No, there aren't enough other good poison cards for that right now.
As far as players being dead before the poison matters, this thing would not be used in aggro decks...
Yeah. I remember when I only had eight Dark Rituals and could only have two black decks at a time unless I wanted to use proxies. That was annoying. Now I have that same situation, but with Force of Will...