Well, if you buff it I guess it could work. But I don't think that's the primary win-con with that combo. You get both of them out, tap Vantress for 1 draw, two turns later (unless you got them out at the same time which requires 4 mana), tap after vapping Vantress to do hand-mill while getting more lands to do deck-draw into hand-mill.
Honestly, I could see Folio of Fancies maybe working in a Forest-Island deck since Forest's generally gets "get a land card from your deck, shuffle your deck, and put it into the battlefield tapped/into your hand to use if you haven't put one out this turn" fast-mana-ramping. I could see the XX,T: Draw X cards ability being slightly scary if said ramp is able to be done fast and quick to get 10+ cards into hand to then dump 10+ mill within like 3-4 turns.
But that requires a shit ton of set-up, not having Artifact hate (and hasn't Planeswalkers basically replaced Artifacts/Enchantments anyway?), etc.