Narci, Fable Singer is a little more open-ended than that, since you draw off sacrificing any type of enchantment, but youre clearly incentivized to go in on sagas and lore counter manipulation
The Sapphire/Steel deck accelerates resources to cheat out big characters early, the Emerald/Ruby deck had lots of character removal and ways to steal Lore from the opponent, and the Amber/Amethyst deck had lots of card draw and could pull off many tricks and combos
So I like when planeswalkers get alternate treatments
Once its on the battlefield and equipped, youll want to block it
For example, if it blocks a 12/12 creature with trample, that creature's controller must assign at least 8 of that creature's combat damage to Diamond Weapon, and the remainder can be assigned to the defending player, planeswalker, or battle