I've been away from the game for awhile, and it's mainly because of this card. After looking at Set 3 meta, and playing a dozen games, I honestly feel like if they changed Mecha Frieza, the game would be perfectly fine. No more crazy early OTK (they'll still exist, but need to be done later in the game), as all those decks are supported by Mecha Frieza. At this point, I don't know how stupid the designers can be - all of these problem decks are caused by this card.
Now, the change to the card, I'd rather see it banned. The ability is too powerful unless you make it something like "Drop a life to play the card -1, limit once per turn", and is only going to get more, and more powerful the more extra cards are made.