I had worked on a draft Dredge list using Foil a few years back, and actually brought it to a local. I think it actually placed well in that single event, but I think I just migrated away from it afterwards.

Regardless, I really think you want to abuse the card in a Dredge variant. Foil itself would be the key enabler for broken plays, because you're purposely playing it to discard the other card, not really the Island. As such, Life from the Loam should absolutely be included in any list playing Foil; it's just too applicable (and, of course, it dredges).

Also, as an aside: I really like Foil. I think the card is just cool.