I see where you're coming from but wouldn't your opponent kill off at least two of the 1/1s immediately when you're trying to go for a two-turn Equality play?
You also can't really play it into common early Control boards like Cleric or Armorsmith/Acolyte, they'll actually be happy about the free cards and armor.
Well sure, there are some boards where it isn't great but that is kind of the case with any card. One thing that paladin already has going for it is that it is very good against warrior though, and healthy/armor advantage isn't really gonna turn the match one way or the other in the match up. I've beaten control warriors from 60-70 hp before, who also had card advantage the entire game, with paladin. The main thing you need is to deal with their bombs and heal up after alexstrasza. After that they just lose in fatigue.
You could probably even cause the warrior to burn cards from overdraw if they have an acolyte lol...
Even if it does make the match ups slightly worse, you're still favored I think, by a pretty good margin.
edit:
In fact, I've even played hero power into both acolyte and northshire cleric before, in the early game, because the card advantage isn't what makes paladins lose. And might even tempt them into overextending into equality.
edit:
REGARDING sword of justice, it will work
https://twitter.com/bdbrode/status/535146143500365825