Maybe, if any high level Synchros existed in the game. As it is, what are you going to summon, Star Eater? Why not just use Level Augmentation to buff vanilla Red-Eyes' level by 2 instead? Why not use Azure-Eyes Silver Dragon as the in-between so you don't need to draw it?
Hieratics is the one deck I see potentially using this card, assuming good Rank 7s are added.