The way I read both cards a possible course of events goes like this : correct me if wrong, please.
1- An opponent targets one of my creatures ( other than
Spellskite ) and triggers Shaper's Sanctuary
2- I draw a card
3- I activate
Spellskite, make him the new target of opponent's spell
4-
Shapers' Sanctuary triggers again
5- I draw a second card
6- Repeat step 3-5 if you have other Spellskites out.
Correct ?