Correct me if I'm wrong, but the first effect doesn't restrict SSing it after you re-equip in the same turn with its last effect, correct? It's a Machine, and a WIND one at that, so it's not too searchable with the main Summon laddering Decks and as such isn't really a problem in that area, so it's more a neat touch and something to potentially worry about later. Maybe a neat tech in ABCs to put onto your Buster Dragon?
As for the card itself...I almost don't like it from a flavor/thematics standpoint, but the first effect is unique enough and useful enough to get a pass. I don't really see it being played much, even in the pure rogue union Decks, save for the occasional ABC splash, but if you're looking for a free SS from hand in a Summon ladder Deck, along with potential protection for your boss...well, you've got it.