My first impression was the same as SGPrometheus'. Isn't this card kinda broken? I mean, mystics have all kinds of ways to use their will stat in place of others, but this single, level 0 asset let's them (for most intents and purposes) replace TWO stats with will. And it does it on the cheap. And it does it with great action efficiency.
But then I thought to myself, how many mystics are going to be running neither a combat nor an evade spell? Because if you have, say, Mists of R'lyeh in your deck, or Shrivelling, or any number of such cards, then only half of the Sword Cane's effect matters to you -- unless you're taking it as a backup card until you find your main tool. Now it seems less attractive...
I think it still has a place, but a narrower one. If you are a mystic using your two arcane slots for spells that neither fight nor evade, then this is a lovely little trick to have up your sleeve. It lets you do a bit of fighting and evading, enough to get you out of a pickle, while you focus on investigating or scrying or whatever it is you do. If you are a mystic who likes to mix it up with the baddies, chances are you're packing heat that, when you put it on the board, will make the sword cane largely a dead draw.