Paying 2 each turn just isnt feasible, although I could imagine a world where sacrificing it could be beneficial, but this is highly unlikely with the powerlevel being where it is
If Machine God's Effigy copies a Saga that has become a creature due to an effect, it will have that Saga's chapter abilities, but it won't get a lore counter every turn because it isn't itself a Saga since its only card type is artifact
But his draw effect should provide plenty of value, and theres no denying that his flat +1/+1 boost to other Faeries will come in handy, allowing you to quickly rack up damage with a wide host of fliers
The aura subtheme of EDHREC.com is the 13th most common archetype, and enchantments are right behind at 14th, but you have to build in a lot of infrastructure to make it work, since auras are innately card disadvantage so you need ways to build around it
You cant beat the name Scuttling Doom Engine
This becomes a card-neutral way to copy any powerful creature you control for one turn