you can still construct a custom deck using 60 or more cards, which must be from just one or two of the games different colour-coded ink types - similar to mana colours in MTG
The targetted card can only have a mana value of four or less to be directly playable with Beseech the Mirror, but this isnt a significant enough downside to curb the cards power
Effects like the Historic banned Spreading Seas can fix this and, since Islandwalk is a recurring mechanic across Merfolks, it is probably worthwhile running some effects like that, making Master of the Pearl Trident an absolute menace
It isnt a direct replacement for Phyrexian Altar, but it is a neat little backup with its own set of advantages and disadvantages
An XRR spell is a long way from mana efficient, it never really gets to being efficient either, even when it does double damage