Is getting a Lab really that much better than removing a dead card from your deck? I know it's probably better, since removing a dead card is like having a Lab that always appears with said card, while having a real Lab, it could appear anywhere, which is generally more useful. And also things like KC, TR and drawing your deck are important. But on the other hand, Island has two types, gives you the 2 VPs instantly, not just when you play it, and Labs can help a lot less with a BM+drawing type deck (although that's a minor point as you probably don't really want either in such a deck).
I think this might be better than Island in general, but not that much better. I really don't know if it'd be enough to be a bad $5, or if it'd be a good $4.
Something to think about I guess, might be, how would you price an action that just always gave +2 VPs and did nothing else? I know such an action would be bad for the game, but it's just a thought. Then go to the other extreme and how would you price a Lab? I don't know if a +2 VP card would be worth $5 - it certainly wouldn't be $6 - but I think it'd be very strong at $4. This however gives you the stuff the way around you don't want it - VPs early, draw late.