No, you cannot currently trade up any common or uncommon wildcards in exchange for rare or mythic wildcards
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The biggest tension is deciding whether youll be playing a monocolor, two color, or three color deck, since Lochthwain Paladin, Ardenvale Paladin, and Embereth Paladin (plus the hybrid uncommons) have stringent color requirements
At the very least, Id predict a Limited archetype around an uncommon legend, especially after the gift mechanic in Bloomburrow
look at your opponent's hand, all Spells/Traps they control, and all cards they draw until the end of their 3rd turn after this card resolves, and destroy all cards of that declared type