I forgot about recycle. It's tempo removal, so I'm not sure how good it is in a very control oriented deck. If the game is going to go long, you will see the recycled card again. Recycle probably fits better into a mid-range play style where the tempo can help you finish the game, which is what Druid already does very well, and I don't think Malorne fits in that deck.
I will admit that I didn't think about him as a good mill card, which he probably is. Mill is really the only control Druid deck that even kind of works right now. Mill runs those removals that I mentioned earlier (Poison Seeds and Naturalize), but the deck has to be a bit gimmicky to play around the weaknesses of those cards. Even with Malorne, I still think that mill doesn't quite have enough tools yet to be viable. It's closer than it was but I still think mid-range druid is better.
But if you want to use your Malorne, go ahead and build a mill deck. It seems like it would be fun to play and it is not terrible. I would probably try it out some if I had Malorne...or coldlight oracle...or grove tender...or tree of life. Ahh well.