If you Set “A Man with Wdjat”, its effect is not activated.
Any effects of the card you look at are not activated when you look at them with “A Man with Wdjat” (such as a Flip Effect, or if it is a Trap Card, etc.).
Netrep Rulings:
If “A Man with Wdjat” is not Normal Summoned, none of its effect will apply. This includes the ‘during each of your following Standby Phases’ text.