Yes, you will discard the card and get a fluffy Eldrazi Horror token. Choosing to draw a card is possible even when your library is empty. Also, the
"if you do" clause applies if you chose the option to draw a card, even if you actually didn't draw because the library was empty or a replacement effect changed what happened.
Rules wrote:
120.3. If there are no cards in a player's library and an effect offers that player the choice to draw a card, that player can choose to do so. However, if an effect says that a player can't draw cards and another effect offers that player the choice to draw a card, that player can't choose to do so.
117.12. Some spells, activated abilities, and triggered abilities read, "[Do something]. If [a player] [does or doesn't], [effect]." or "[A player] may [do something]. If [that player] [does or doesn't], [effect]." The action [do something] is a cost, paid when the spell or ability resolves. The "If [a player] [does or doesn't]" clause checks whether the player chose to pay an optional cost or started to pay a mandatory cost, regardless of what events actually occurred.