Once selected it will look like this: The layer mask allows you to selectively lower/increase opacity of the image by drawing over it with black/white
As far as generic removal and one of the best Polymorph effects in MTG, Chaos Warp is one of reds best ways to remove permanents
I hope this helps inform your buying decisions
Black-red is probably the most obvious combination, with Agent of the Iron Throne, Agent of the Shadow Thieves, and Cultist of the Absolute being good background pairings for it
That artifact will stop being an Equipment and become unattached from any creature it was attached to
Dinosaurs as a creature type dont really have lords, per se (or creatures that boost power and toughness of other Dinos or bestow notable keywords), which is surprising, as even Treefolk have a banger one