Ironfang will continue to get +2/+2 until the end of turn
#3: The 1/1 The One Ring Magic crossing over with one of the most iconic fantasy franchises of all time would have been a noteworthy event by itself, but WotC decided to make it even more of an event with the 1/1 The One Ring
Harsh Scrutiny is less what you want
We've got a separate article that explains the full history, and how it came to light

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Phased out permanents will phase back in at the beginning of their controllers untap step before things untap, unless there is a condition that prevents them from doing so