Hi,
As everyone already pointed out, the +1 ability is too powerful (think about
Jace, the Mind Sculptor's +2 ability).
An Index-like version (which, if I understand correctly, is what you were ultimately looking for) would be more balanced:
+1: Look at the top five cards of your library, then put them back in any order.The second ability is quite wordy, but essentially says:
+2: Create a 1/1 Faerie creature token with flying, deathtouch and indestructible.This is again too powerful (compare with
Baleful Strix, which is a Legacy staple).
Apart from that, the problem is that once you activate it the first time, you'll essentially have a catch-all blocker for the rest of the game, so you're not interested in activating it again.
That's a bad design because reduces in-game choices.
Moreover, you forgot to specify the token's color (it could be either blue or blue-black, for instance).
I think something like this would still be quite good:
+1: Create a 1/1 blue Faerie creature token with flying.The third ability is plain weak.
Mill is inherently lame by itself, and it's unlikely that your opponent will ever cast three spells in a row.
And even if he does, they're likely to be low cc spells, so you won't mill him for more than 2-3 cards.
Also, you destroy the emblem afterwards, that's pretty awful.
Why not something like this?
-6: You get an emblem with "Whenever an opponent casts a spell, exile the top card of their library."Finally, 2 loyalty is too low, your planeswalker dies to a mere
Shock.
I'd rather give him 4 loyalty, so that you could plus him twice and then already be able to ultimate him.