This doesn't work. Life loss and damage aren't the same thing. When you pay life you lose life but you don't actually take damage so Eye for an Eye won't do anything and you'll still lose that much life.
August 10, 2015 8:58 p.m.
Also, pointing out Eye for an Eye does damage to the controller of source of the damage being dealt.
So even if you played a creature that did damage to you as it entered the battlefield, you would take double the damage (the damage from the creature and damage from Eye for an Eye) since you are the source's controller and not your opponent.