This feels like a worse version of Looking for Trouble, but I'm curious what interesting interactions other people will come up with. Drawing 3 cards and readying is nice, but might not be worth it depending on the hero. Nemesis minion can range from mildly annoying ones without a When Revealed ability Chimera to the really bad Enchantress. At first I thought Cable would not like using this card, but Stryfe is not so bad himself, it's his encounter cards, like Telekinetic Blast that can be brutal.
Which leads into the other curious point about this card: it only reveals the nemesis minion, not their side scheme, and you don't have to shuffle in their encounter cards.
EDIT The following interaction doesn't work, per the comments, but would've been cool if it did! I guess what you could do in a multiplayer game with Magneto is, if you're teammate's nemesis is non-Elite (it can't be Magneto himself since his nemesis is elite), have your teammate bring out their nemesis with Face the Past, use Wrapped in Metal to permanently disable them, and then any future Shadow of the Past you're teammate reveals will just surge instead of revealing the nemesis and the rest of their cards.
It would've been nice if this card gave an additional reward for defeating the nemesis within the same turn as revealing them.