Use this card with "Life Absorbing Machine" to give yourself an advantage; you'll effectively only be paying 250 Life Points per card, but your opponent will pay the full amount. If you use "Fire Princess" as well, you can cause your opponent a lot of damage.
When all else fails, you can use cards with powerful recurring healing effects, such as Psychic-Type Synchro Monsters such as "Magical Android" or "Thought Ruler Archfiend" to make up for the loss in Life Points, while your opponent keeps losing theirs.
You could potentially combine several copies of this card with "Queen of Thorns" to increase the damage done to your opponent and restrict its hand plays when its Life Points have been severely reduced.
Note that this card's effect only prohibits you from summoning or setting cards from your hand. Use toolbox monsters such as Nimble Momonga or Mystic Tomato to summon monsters safely from your deck.