It's not draw 3 for 2 though. Thoughtcast is draw 2 for U. This isn't. The only place I could see this working is a Genesis Chamber Affinity of sorts. There it could be really cool, but the deck is kinda dead right now.
In 5C shops I don't think it works because requiring 2 colored mana is a bit too much I guess (well, maybe in Chamber Affinity it is too...).
I don't think so too. Just trying to understand where it would go, if anywhere. I don't think this is a good card, actually. Maybe in formats where you can play, idk, 4 Lion's Eye Diamond and use them to generate mana for this? Even then I don't think it makes the cut. The only improvise card my mind can think that would be great is a card that destroys artifacts. But they already spoiled one without improvise, so I don't think my dreams will come true.
I'm going to say that in Legacy affinity, and even modern affinity, this makes a splash because it becomes thoughcast 5-6. In those formats you are playing things like springleaf drum though, which becomes remarkable when you do not need to tap a body with it.
In vintage, you are likely tapping 2 islands and 3 mana stones anyway to play this, and you already have thoughtcast 5 for that list, its called ancestral recall.
This is a fun card; Urza's Block 2.0 continues to deliver the goods.
Let's look at this thing at various casting costs. I know certain people hate it when I compare to existing cards, but here we go:
5 mana to draw 3 at Sorcery Speed - Worse than Brilliant Plan / Jace's Ingenuity.
4 mana to draw 3 at Sorcery Speed - Exactly the same as Concentrate.
3 mana to draw 3 at Sorcery Speed - Some similarity to Thirst for Knowledge / Compulsive Research.
2 mana to draw 3 at Sorcery Speed - Some similarity to Ideas Unbound / Hatching Plans / Standstill.
So, at 5-4 mana it's worse than existing cards that are not playable, so at those costs the card is garbage. At 3 or 2, it is at least in the ballpark of other conditional draw-3s.
In the best case scenario, I think it's at least safe to suggest that 2-cc draw 3s are playable if the condition is easily met. Standstill builds its whole deck around the conditionality of the card, and it works. No one has successfully found a role for Hatching Plans, and Ideas only shows up in some builds of High Tide, to my knowledge -- never in Vintage. So, let's look at the conditions required to get to that 3-for-2 sweet spot.
We need 3 artifacts. Not mana artifacts, ideally, since they're wasted on this card. That means we're probably talking about artifact creatures (token or otherwise), sideboard hate, and shops lock pieces. None of these seem like it really works with Reverse Engineer.
Creatures, for example, occur in two flavors: shops monsters and little robots swarms. The former need to be attacking each turn unless they're hanging back to block. Reverse Engineer as an instant would be interesting, allowing you to hang back to block and then draw cards. It doesn't cost you an untap step for the creature, essentially. But, as a Sorcery, you must give up attack or defense to get the benefit. That's terrible. And little robots? They have access to superior draw engines, particularly Skullclamp.
Sideboard hate and lock pieces probably don't occur in enough density in the decks that run them to make this consistently cheap enough.
So, I come down against this card. The conditions needed to make it at least comparable to cards that see play do not synergize with how the card plays out.