This card can be of great use in a Hazy Flame Deck: Normal summon without tributing Hazy Flame Cerbereus or Laval Lancelord, and then special summon this card, destroying your previous monster in the process, while either searching a Hazy card, or retrieving a banished FIRE monster (you won't miss the timing with Lancelord in that case). Moreover, the tokens generated by this card allow you to tribute summon "Hazy Flame" monsters. One last major benefit of this card in Hazy Flame decks is that a 5-material "Hazy Flame Basiltrice" (or an "Evolzar Solda" with one or more xyz materials) can be targeted for Goka's special summon, without destroying its target, since the only requirement is that Basiltrice/Solda be targeted, and not necessarily destroyed.
However, there are some risks/setbacks to using this card in "Hazy Flame" a deck.
Without a Cerbereus or Lancelord available, this card can be more or less a dead draw, because most other FIRE monster will not be effective targets for its special summon. (Having no other FIRE monster will make this card a dead draw, as there will be no targets for its special summon.)
Pretty much any Hazy Flame strategy that uses this card will require you to normal summon a different FIRE monster before special summon Goka with its effect. This, and the fact that Goka doesn't produce tokens until the following turn, usually delays the normal/tribute summon of Hazy Flame Peryton by at least one additional turn.
Even in non-Zombie or non-FIRE-based decks, this card's effect is still quite valuable, as it generates a token that may be used for an immediate Tribute Summon every turn, granting you access to higher-level monsters. This could potentially work extremely well in a "Monarch" Deck.
Another great thing about this card is that you can tribute tokens to power it up for a turn. This allows you to instantly free up the card zone occupied by that token so you can continue to summon.
This card can work well with "Flame Spirit Ignis", as you will have a token to tribute for his effect each turn.
This card can work well with "Seed of Flame" since it happens to be a FIRE monster and destroying "Seed of Flame" due to card effect will allow you to special summon another Plant-type monster that is level 4 or lower. A recommended card is a level 2 or lower tuner monster so that way you can Synchro Summon a level 7 or 8 depending on what you need.