I agree with Dova. The Spell retrieving effect is essentially a free retrieval of any power spell you can imagine every turn. Even if we talk about generic staples, there's stuff Foolish Burial Goods to get them into the GY more consistently.
The other effect is generic OPT Foolish Burial + a pretty generic Special Summon tool for Spellcasters that's not tied down by drawbacks. Other "Summon from hand" cards like Call of the Mummy require you have no monsters.
This suggestion isn't exactly gonna improve the card but:
It'd be interesting if the Summon effect was more along the lines of only Special Summoning Spellcasters from your hand, which cannot be Normal Summoned/Set. It already ignores conditions so it could go that way and support Dark Sage, Sorcerer of Dark Magic, Arcanite Magician /Assault Mode, Legendary Flame Lord, and cards like that, making them live in an easy enough manner.
That is situational enough to probably allow the foolish burial effect to still be there.
In addition, if the Spell retrieve effect required 1 of your 2 Spellcasters to have been Summoned by [this card's name's] effect, it'd also be a tad more costly and restrict its potential a bit. The result would be something like: You can send 1 Spellcaster monster from your Deck to the GY; Special Summon 1 Spellcaster monster from your hand that cannot be Normal Summoned, ignoring the Summoning conditions.
If you control 2 or more Spellcaster monsters: You can target 1 Spellcaster monster you control that was Summoned by the effect of "Council of the Mystic Arts"; add 1 Spell from your GY to your hand, also that target cannot attack and its effects are negated until the End Phase.
You can only use each effect of "Council of the Mystic Arts" once per turn.
^That's one possibility.