Opinion: that seems like a lot of work, and hard to get it to look and feel right. I probably wouldn't allow the one in that example - I suspect it would fail a lot of the criteria listed below.
Official: each Head Judge determines, based on several criteria, if any altered card will be allowed *in their event*. (Emphasis because my decision at one event does not guarantee the same decision at any other event.)
Those criteria include:
- must be genuine and published by Wizards of the Coast
- standard Magic back, or double-faced card
- no square corners
- black or white borders (before the alter!)
- the art must be recognizable
- the alter can't include strategic advice
- no offensive images
- mana cost and name can't be obstructed
Those are per the MTR; in addition, I check the feel (is it too thick or thin, is the stiffness the same as other cards), and if the alteration “bleeds” to the edges of the card, is that visible in a sleeve?
And, it's always important to tell a player “I {will|won't} allow these today, but be sure to always check with a Judge before your next event.”
d:^D