It still sounds fine at $5, but I'm probably underestimating something. Probably the fact that you are also cycling faster, which is good early game, and it helps you clear green cards...
If that is part of its strength, maybe you could try a version where you put cards back on top of the deck instead of discarding them? Except then it wouldn't stack with itself as well, since playing it a second time would reveal some of the same cards you already saw.
Still looking for clarification regarding hybrid cards. For example, if you reveal
Harem (Treasure-Victory)
Island (Action-Victory)
Horse Traders (Action-Reaction)
Fool's Gold (Treasure-Reaction)
Can you keep all four? I would assume not...