This is a lot of mana, so you need to play it as part of a combo to get it out early
No, it does not cause two transforms, an additional trigger will find no card in the graveyard
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While you likely wont want to activate it, you can sacrifice Combine Chrysalis to create a 4/4 Beast token in a pinch, as an extra bit of protection
Its base rate is entirely acceptable, and its upside can turn it into a Terminate in conjunction with new Dragons like Iymrith or Ebondeath
If you want a more devious way to build Kelsien, slap on him a Thornbite Staff, which lets you untap Kelsien each time a creature goes to the graveyard