You can only use this skill starting on the fifth turn, but just because you can use it doesn't mean that you should use it right away. If you think you can survive the next turn(s), then it's better to keep getting more draws. This will allow you to get more cards to use later, or to use the skill, making you less reliant on the dice roll. You can manually flip summon Kotetsu or Crystal Seer to get the draws if your opponent doesn't attack them. You don't need to worry about losing the LP since the skill will make you drop to 100.
With its ability to destroy a monster, getting a direct attack becomes easier, which is why summoning him is the priority of this deck, but since he's the only strong monster in the deck, it comes with quite the risk as well. If you use Last Gamble to summon him, you might be able to get a direct attack, but that damage is not enough to finish off your opponent. You will have to save your equip to destroy another enemy on the next turn, or get iron knight out on the next. With only 100 LP left, you will have to consider summoning carefully when summoning iron knight, if your opponent has a monster with 1900 attack, then you can lose right away.
If you put more equip spell cards, then this is a good monster to use them with.
Use warrior returning alive (crinmson kingdom) instead of monster reborn.
I like metalmorph in the deck, since it gives half of the targets attack and can also be activated in your opponents turn, enabeling you to destroy a monster that was summoned right away, before it can activate it's effect or whatever.
Material Transporter is a good option if you have to protect your Gearf. Swordsmaster from cards like relinq. Don't use D-Gate tho, since GF Swordsm. can't be special summoned like that, it will just stay banished.
Swords of tryce might not be super competitive, but can get you some fun OTK's ;)
Anon 1: sleight of hand gives 7 completed, an equip for MACHINES
Anon 2: no, you're thinking of baggy sleeves which lets you draw 2 cards when a monster of 5+ stars is destroyed that you control
I am currently using a similar deck for all PVP duels, so far so good! I have 1 more swordmaster in mine thou and I added a sword of deep seated, that way can combine it with twister card for desired effect and you still have something to use for sword masters effect. I like the 2 black pendant idea thou!!