Sure, sure, you have to sacrifice a poor Pegasus every upkeep, and it necessitates a lot of mana, something white isn't usually very good at, but there's no denying that two mana for a 1/1 flyer is a pretty great rate if you can get it, hence why this used to be a white staple in the format
The Filigree Sylex handles early-game pressure well, can get you out of trouble in a pinch later, and acts as a win condition if unneeded
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Since you'll need several creatures in your graveyard to use Mimeoplasm, Revered One effectively, there's a graveyard theme that includes mill effects and reanimation , including a couple ways to play lands from your graveyard