Beyond self-enabling, that mill is the best part of Thieves Guild Enforcer, the perfect counter to the topdeck tutor cycle that sees play in nearly every deck with access to them: Try this one weird Rogue
Legality depends on the tournament format -- Generous Gift can be legal in some formats and banned or restricted in others
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The bottom line is that while fetches are often obstructively expensive, they allow for much more diverse metagames and encourage more brewing
If your deck runs high-impact creatures, this enchantment can end games the moment it resolves
Last and least, Vampiric Rites is just a one-of, and after playing a bunch of matches with the deck, I'm not sure it's really needed