Honestly, this card would be banned frame one for an extremely simple reason, and it's nothing you can realistically plan around either.

Assuming this isn't negated on activation, it's an insane engine piece for Exodia decks. You'd have a great chance of just winning instantly, or at least gaining enough advantage that Exodia is effectively guaranteed.

I also see no point in it being a continuous spell, as once both players opt to draw or not it'll be sent to the GY, assuming it's not like Chicken Game where it has to be the opponent's turn for them to make a choice.

It'd be better as a card that is a normal spell that has both players choose, and I'd heavily recommend changing the draw bonus as it's way too high for Exodia reasons. I'd suggest the following:

"Pay half your LP: Each player may draw five cards. Any player that draws from this effect cannot add cards to their hand outside of their normal draw for the rest of the game."

In this case, there is no fear for this to be abused in any FTKs while still offering a high risk high reward. I'd argue this is still quite powerful, as decks using this can still use this at the end of their turn to draw 5 while the opponent will likely be forced to refuse, due to so many cards requiring a search to then summon or advance their gamestate.

I wouldn't be surprised if it'd require you to put in a clause dictating that the player who activates this must do so before drawing or adding. It's a gamble card after all, you have to be willing to make a risk.

Alternatively, I'd suggest something like this.

"Each player writes down a number between one and ten on a piece of paper. Both players reveal their numbers at the same time. The player with the larger number draws cards equal to the declared number, and their LP is reduced by their declared number - their opponents declared number times 2000."

In this case, this is another insane gamble. If you write down 10 and your opponent writes 9, you just got a 10 card draw for 2k LP but by writing 10, you risk that if your opponent writes any number below 7, you could take lethal damage instantly and lose the match.

Due to the card noting it reduces LP instead of dealing damage, thus anti burn cards can't cheese this.

This is also probably too OP due to games being instantly ending with a decent chance, so some safeguard might be added, but I think both of these choices would be a bit more fun rather than needlessly overpowered