I submitted a character for that game and came to the same conclusions.
We're doing 1st level characters, and I picked up Limitless to grab a mutation unavailable until 2nd. Next level, that is obviously the mutation I'll be trading out since I will no longer need it to qualify for the mutation. In the end, it's effectively pointless, but it did give a tiny power boost to my 1st level guy by giving me a decent ranged attack I wouldn't have otherwise had. It's not something I would recommend including in other games though.