I'm sure it will be good in EDH. a technically discard and sacrifice outlet and some demons, it won't be good, but I'm sure some legendary creature is spiking in 3....2....1....
I feel that "good" is too strong a word, here. "Playable" maybe. But not "good".
It's cool that it's repeatable, but I'd rather have it cost a lot of one resource than a little of a lot of resources. Like, no sacrifice or life payment, but discard three cards. That way, you could build the deck around amassing a lot of the one resource, to convert it into demons; rather than constantly having to juggle your life total, creatures in play, and cards in hand, just to make sure that you can afford to take a hit to all three.
Also, this thing costs a lot of mana, geez.