Following the logic I employed for Sproutback Trudge above, you could also turn the life loss back into life (or cards) fairly easily, an exchange which Children of Korlis proves can be valuable even without further manipulation
While there are lots of artifacts in the set, Im skeptical that just any Blue deck can turn this into a card worth playing, so it feels like this needs a buildaround grade
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You could also consider Stonjourner (121) from this set as an option, as it is another Basic Pokmon, has a solid 130 HP but also has a strong Ability, Exoskeleton , which reduces the damage it takes by 20 from attacks (including your own, though thats not relevant here)
Card Name Legolas, Master Archer Mana Cost Type Legendary Creature Elf Archer Rarity Rare rules Text ReachWhenever you cast a spell that targets Legolas, put a +1/+1 counter on Legolas.Whenever you cast a spell that targets a creature you don't control, Legolas deals damage equal to its power to up to one target creature
(6/6/2025) If the exiled card is a land card, you may play it only if you have an available land play remaining this turn