Of course. The way I see it, one has to play this deck in two stages. The first stage consists of board control; in this stage you have to try to discard your opponent's hand and / or kill his creatures. For this you need Raven's Crime and Flame Jab or Seismic Assault.
However, once you have things under control and it's time to draw the Seismic Assault ftw... that's the stage at which my question comes up: dredge or draw?
The issue with your question is that it is very game state dependent. It also varies wildly match-up to match-up.
Early game you want to have an active Raven's Crime against Tron. Conversely this plan would be terribly useless versus Affinity.
I think as a general rule of thumb you wait to use Life from the Loam until you know what it is you are facing. Dredging away versus an opponent with black mana sources is just asking to have your Loam extracted. Versus Affinity you would wan't to dredge pretty hard in order to get both Jab and Grudge into your yard, as Affinity plays little grave hate game 1. Game 2 you would want to naturally draw a grudge in order to deal with any Cages they might have. Also is you suspect someone is going to use Grafdiggers Cage versus you you want to have a Seismic Assault as your weapon of choice. Cage has no effect on the dredge trigger. Basically what I am getting at in my rambles is that you will never be able to say in x situation I will need to do this. Only with play testing versus each archetype will you gain the knowledge needed to make these decisions.
So if you really need a general rule of Dredge, go as follows.
Versus Aggro: Stick a Assault or Flame Jab and get to dredging fast.
Versus Control/Combo: Raven's Crime + Loam.
Versus known Extraction player: Be as careful with your key spells as possible. Try to hit the Extraction effects with discard. Don't be afraid to use KotR to Bojuko Bog your own grave in response to a Extraction.
Turn zero Leyline is just about game over. Not sure what happens there. Depends on your build. Don't be surprised if you see this card more often with the rise of Dredge.
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In case I didn't tell you, I don't care about your opinion I just want your facts. And not the facts that make you seem smart. I want the ones that are actual facts.
One thing that's been bugging me recently: how do you know when to dredge vs. when to draw? Here's what I've been doing:
1. If I don't have Loam in my grave, I draw obviously!
2. If I have Seismic Assault in my hand or on the board I always dredge.
3. If I have Eternal Witness in my hand and I'm still looking for Seismic Assault, then I dredge.
4. If I don't have Eternal Witness or Seismic Assault in my hand then, only under these circumstances, I will draw rather than dredge.
Is this an appropriate way to play the deck?
My justification for #3 is that if I'm searching for Seismic Assault then dredging is a faster way to search than drawing because I open three cards per turn rather than one.