Yes, the 1 damage is mostly to add a little flavor to the card to keep it from being too vanilla. It also gives a way to play other weapons without losing this one.
It occurs to me that it will be a rather poor choice for flying weapons.
Might be fun with crusaders though since it would act like a self cast reverse time (nice soft counter to CC).
With martial training, it will get a chance to bounce around, damaging other enemies. That should make it more of a threat.
I could bump the throw damage a little, I was just worried it would overshadow Owl's eye if I make it too large.