Seems cool. Strong like Llanowar Elf, but not overly so.
I like the attempt to fix broken cards of old. I like to imagine there's some kind of imaginary "Core Set: Project Alpha" where cards like Black Lotus and such get redone to capture the same impact for a later generation. Anyway: Weaker, but still too strong. Imagine this:Emerald Growth USorcerySearch your library for a basic Island and put it onto the battlefield. Then shuffle your library.(I chose blue to illustrate the power.)Also, Llanowar Elves is weaker since it dies more easily and can't be used right away.
What if you had 2-3 of these in your hand? You'd have 3-5 mana on turn 2. Maybe they should come into play tapped?
Valid points. I'd like to keep these powerful, but not overly so. How would you guys feel about raising the mana cost? Would 1G be appropriate?
I personally think coming into play tapped would be sufficient. then turn 2 you would have 3 mana, turn 3, up to 6. This follows the same path as Llanowar Elves and its counterparts, but I feel like it's stronger since they die to creature kill spells. It also could be seen as weaker since they can't attack, but it's up to the deck builder's choice as to which fits the deck better. If you wanted to go a little crazier, you could just add a line saying you can't play it on turn one, a la serra avenger.
Make it an Elf!!! :)