You can use this card to summon Phantasmal Lord Ultimitl Bishbaalkin. If you control a Ultimaya Tzolkin, you can Special Summon this card by setting a Spell or Trap. During your next turn, you can use the effect of Ultimaya again to summon another Level 8 Monster to meet the requirements.
As this card is the strongest monster that can be banished by "Battle Tuned", use the two cards in conjunction to give one of your monsters a huge attack boost.
If your opponent's Life Points are higher than 4000 and your Life Points are higher than your opponent's Life Points, you could use this card's effect upon summon to immediately gain the boost provided by "Megamorph".
The best thing to do when Summoning this card is to Synchro Summon "Power Tool Dragon", add an Equip Spell to your hand, equip it, then Tune so that you have effect equip-spell fodder for "Life Stream Dragon".
This cards effect doesn't specifically state that you have to have less than 4000 to use the effect, so if you need to decrease life points for effects such as "Hope for an Escape", this card could help.
Alternatively, you can Summon this card after using "Hope for an Escape", to get yourself out of the dangerous situation of having such low Life Points.
If you can manage it, you can Synchro Summmon "Shooting Star Dragon" using this card with its Level unaltered: Use "Phantom of Chaos'" effect to banish a "Stardust Dragon" in the Graveyard, then use a card like "Demotion" or "Level Retuner" to reduce its Level down to 2. Then Synchro Summon this card and then tune it with the Level 2 "Phantom of Chaos" to bring out "Shooting Star Dragon".
Synchro Summon this card when you activate the effect of "The Winged Dragon of Ra", so that way your Life Points become 4000 and having a higher chance to stay in the game with less problems.
Activate "Star Siphon" once it is Synchro Summoned to turn it into a more usable level 1 tuner.
Use Magical Hats on a different monster and place two equip cards in your monster card zones that will be destroyed at the end of the turn and enable you to negate Life Stream Dragon's destruction twice.
You can easily re-summon this card from your Graveyard as a 2900 ATK beatstick with "Revival Gift".