The other review mentioning Non-Elite Nemesis got me thinking of Karma and thought I'd compile a list of Heroes who can do this clunky combo.
Atk/Sch/Health Minion (Hero)

1/1/4 Beetle (Wasp)
1/2/3 Butler (Deadpool)
1/1/5 Chimera (Psylocke)
2/1/2 Enraged Symbiote (Venom)
2/2/6 Furnax (Groot)
2/2/4 Loki (Thor)
1/2/4 Nanny (Jubilee)
2/1/5 Prowler (Spider-Man)
2/2/5 Stryfe (Cable)
3/1/5 The Lizard (Ghost-Spider)
1/3/3 Thomas Edison (Ms. Marvel)
3/1/5 Warbringer (Nova)
3/2/4 Whiplash (Iron Man)
2/2/4 Yellowjacket (Ant-Man)
3/1/5 Yotat the Destroyer (Drax)

The following minions have undesirable comes-into-play effects
2/1/4 Avalanche (Quicksilver)
1/1/3 Blackjack O'Hare (Rocket Raccoon)
2/1/4 Crossfire (Hawkeye)
1/1/6 Harpoon (Angel)
2/1/4 Living Laser (War Machine)
2/2/6 M.O.R.B.I.U.S. (Sp//dr)
3/1/4 Pyro (Iceman)
2/1/4 The Green Gobbler (Spider-Ham)
2/1/3 Topaz (Domino)
3/1/4 Vulture (Spider-Man)

Which is a longer list than I expected. Obviously there are a lot of other good cards that deal with non-elite minions, but getting an ally out of the deal seems pretty sweet to me.
At first glance the best ones to take are Yotat, Warbringer and Lizard, surviving two uses of their 3-atk. Stryfe and Furnax survive two uses of 2 atk or sch. Closing out the ok-pile is Prowler's 2-1 and Chimera's puny 1-1. Among the single use Thomas Edison stands out with 3-sch, while the Symbiote landing at the bottom of the pile since it dies to Karma's consequential. Funnily enough, none of the undesirables look that attractive in comparison, which makes sense since a CIP effect usually means a lower statline. Only M.O.R.B.I.U.S. is comparable to the higher rungs, but I don't think you want to take 4 Damage while playing Karma.

Now getting your 1 per deck event and ally together? That's just living the janky combo life, baby. Little hint: that ally is an X-Man. And some other friends could help you find elusive events.

EDIT: I AM slightly better at FORMATTING. Added Stats and set aside Nemesis with CIP effects, plus more blurb

Magneto’s new Basic event “Face the Past” is BONKERS for Thor. Best case scenario is drawing into it turn 1. You start in alter-ego with 5 cards. Flip up. You then use a basic action to either remove 1 thwart from a scheme OR attack a minion if one has been put into play as part of the scenario’s set-up. Then you play it…this readies Thor, grabbing you 3 cards(netting 2 since you had to play the card itself)…pushing Thor’s hand size up to 7…and then he IMMEDIATELY draws 2 more cards due to his hero-ability for engaging Loki. Now you’re readied with some options to clear Loki off your board(9 cards for setting up). That is NOT a bad turn 1 for Thor!

Now, is it risky? Of course it is—but as Thor would say, “fortunately, I am mighty.”

Even better? It’s removed from the game so it doesn’t clog up your deck. So sweet.

As another user noted—if you have already played this card, defeated your Nemesis, and then Shadows of the Past is revealed from the encounter deck, that nemesis’s side-scheme is put into play(shuffling those nemesis encounter cards into the deck) and then it results in a “surge” since your nemesis could not be played, due to having been previously defeated(ideally).

This feels like a worse version of Looking for Trouble, but I'm curious what interesting interactions other people will come up with. Drawing 3 cards and readying is nice, but might not be worth it depending on the hero. Nemesis minion can range from mildly annoying ones without a When Revealed ability Chimera to the really bad Enchantress. At first I thought Cable would not like using this card, but Stryfe is not so bad himself, it's his encounter cards, like Telekinetic Blast that can be brutal.

Which leads into the other curious point about this card: it only reveals the nemesis minion, not their side scheme, and you don't have to shuffle in their encounter cards.

EDIT The following interaction doesn't work, per the comments, but would've been cool if it did! I guess what you could do in a multiplayer game with Magneto is, if you're teammate's nemesis is non-Elite (it can't be Magneto himself since his nemesis is elite), have your teammate bring out their nemesis with Face the Past, use Wrapped in Metal to permanently disable them, and then any future Shadow of the Past you're teammate reveals will just surge instead of revealing the nemesis and the rest of their cards.

It would've been nice if this card gave an additional reward for defeating the nemesis within the same turn as revealing them.