All around I think the deck holds enough value to more than make up for its cost
The power of Umezawa's Jitte is that it destroys creature decks, and while it might be a bit slow for Modern, it would still push certain decks (like Elves and perhaps even some Collected Company builds) out of the format
And thats not even factoring in his enters-the-battlefield trigger, which essentially goads every opposing creature in play, creating political chaos and the potential for more life drain triggers as well
By combining this card's effect with Dredge cards as well as other cards like Narcomoeba, Creeping Chill, and Prized Amalgam, the beloved Dredge mechanic has found a home in Magic's oldest format for the time being
He's since been killed (again) and replaced by Vraska, who now is also missing in action
It was a gift from Dan himself after I interviewed him a few years ago