This card makes a great combo with "Mystic Box". Mystic Box will destroy one monster on your opponent's side of the field, then you can shift the control of this card without having to pay 500 Life Points.
Use "Life Absorbing Machine" so you recover half the Life Points you pay for shifting this card. That way, you'll wind up losing less Life Points due to this card's "Hot potato" effect.
You could also use "Solemn Wishes" to regain 500 Life Points when you draw in your draw phase.
You can equip this card with "Vengeful Servant" and use its effect to deal bonus damage to your opponent. However, your opponent can reverse the effect to you with "Mushroom Man 2's" effect.