That "You have only one hand" is the effect of the Bad Stuff. Normally, you have 2-Hands, now you have One. I am assuming if you also failed to run away from the Mate, it would have no effect, and you would still have 1-Hand.
For Magic Crayon, are you asking if you can discard Magic Crayon immediately after you draw it, and then draw another card in its place?
If so, Munchkinman said that is ok, assuming you are not drawing treasure after a combat with a helper.
http://forums.sjgames.com/showpost.p...76&postcount=2