That's still two specific restricted cards in the opening hand, plus two other specific, non-restricted cards (assuming Earthcraft were unrestricted), plus a basic Forest, plus some kill that relies on colorless mana only, like Altar of Dementia or something...
I won't say that there's no hope for it, because there is...
But as far as dominating the format or even warping it, I think not...
I'd rather face this deck than the Goblin Charbelcher deck. There's no talk of restricting Charbelcher though...
Or Academy Rector. Thanks to Cabal Therapy, it can easily fetch Bargain first turn, which can easily give enough card advantage for a first turn win...
I think it would be pretty safe to unrestrict Earthcraft. I don't even know why it's restricted in the first place...
Well, I'm not sure what restricted Channel exactly either (Torch?) but I can see how THAT card might get out of hand...