I did this at a modern FNM the other day using Flickerwisp, Tidehollow Sculler and Path to Exile as my exile generators, and filling the rest of the deck with Dark Confidant, Lingering Souls and Thoughtseize. Most fun play of the day? Cast Flickerwisp targeting a land, activate Aether Vial, put Wasteland Strangler into play, put the temporarily exiled land into the graveyard and kill one of their creatures. Turning Flickerwisp into a Vindicate stapled onto a 3/1 flier and Wasteland Strangler into a Disfigure on a 3/2 when you put them together is pretty sweet.

Other good plays involve discard with Tidehollow, then put the card in the grave using Wasteland Strangler, then use a Flickerwisp to reset Tidehollow Sculler getting another run at it.

In Legacy I really think there are better things to be doing, but on the other hand you also get DRS to exile things and -3/-3 does kill at least the following DRS, Delver, Mom, Stoneforge, Thalia, Goblin Guide, Eidolon of the Great Revel, Swiftspear, Baleful Strix, Mentor, Pyromancer, and a fair bit of other things. It's true it fails to kill Zombie Fish, Griselderp, 15/15 or 20/20 creatures, or anything truly scary though, but that is generally what you have other tools to deal with.