As this card can be Special Summoned from your hand, as well as being a candidate for "Advanced Ritual Art", you can use this as a quick Tribute for "Sorcerer of Dark Magic". The other Tribute can be easily filled by Summoning "Dark Magician" through one of the various ways.
If you wish to keep "Magician of Black Chaos" on the field. Use cards like "Book of Moon" and "Book of Eclipse" to turn it face down. So that when it is Flip Summoned it will ignore the negative effects of "Ritual Foregone". Also, you could use the effects of either "Destiny HERO - Diamond Dude" or "Spell Economics" at first, in order to bypass the activation cost of "Ritual Foregone", and then use the above combo as well.
The "Djinn" monsters work extremely well with this card and boost its playability.
Your can Ritual Summon this card with "Chaos Form", by banishing "Dark Magician" from the Graveyard and Tributing one more monster.