Its both a great high-end threat and a useful way to fix your mana that keeps your life total high against aggressive decks
Transforming it normally is probably too slow, so Id recommend trying to flip it manually, like with Tovolar, Dire Overlord
The enchantments are a fine collection of token generators and/or card draw (outside of Fortun Teller's Talent, which we'll replace later), and Family Matters' lands are doing their best on a budget (suggestions to improve that will be found at the end of this guide)
The idea of leaning even harder into the chaos of mono-Red sounds like a lot of fun
Although it takes a little more time than with a card like Bloodbraid Elf, you stand to gain both value and tempo with Pia and Kiran Nalaar fighting for you
Ive even used elves like Birchlore Rangers to hard-cast Atraxa, which is emminently doable at seven mana