His ability is very interesting, shame to waste such a card.
However, I am concerned about his casting cost. Is the ability that good, so that it can justify a 2/4 for 5cc? In my opinion, no. He's 4cc at max.
Remember: you have to use at least 2SE and supporting cards to buff him to 4/6. Thats alot of card disadvantage. If you dont use supporting cards, you have to spend 3-4SE to buff him once, and that's it. And remember, once you have buffed him, if he is crippled, returned, or removed, you pretty much gonna lose because now you have card disadvantage and tempo disadvantage as well. Compared to FT, who has a decent stat and gives you card advantage should he be played at the right time, Io is not competitive at all.
Also, at 5cc he has to compete with many other good allie, such as FT or SK, or even DW or some 5cc class ally. Since I think he's worth 4cc at best, and the 4cc ally group does not have many competitive choices, why not make him 4cc? At 4cc, you can drop him on t4, and buff him with your ability. At 5cc, no shadow hero has 5SE ability, so you have to hold off until t5, and that is bad for tempo.
I can see him played in some decks where they don't have 4cc draw engines, or for Mages deck with many ways to buff him should he come out early.
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