This will only work if you keep this monster's ATK below 1300.
Instead, you can use "Mist Body", although if you use "Mist Body" this card will be able to be destroyed by card effects, you can prevent its destruction by battle. (It's likely that your opponent will attack you with the monster that you had equipped to this card)
There are a number of ways you can abuse a monster equipped to this card. For example:
Activate "Double Cyclone" after this card has attacked to deprive your opponent of getting their monster back at the end of the turn, as well as destroy any one Spell or Trap Card they control.
Activate "Emergency Provisions" after this card has attacked to deprive your opponent of getting their monster back at the end of the turn, as well as gain you 1000 Life Points.
When one of your opponent's strongest monster attacks, use "Changing Destiny" to change the monster in defense position. You can also either lose Life Points or your opponent gains Life Points.
This card can also be handy for getting rid of your opponent's monsters that gain ATK when they are Summoned, as the change from monster to equip will reset the value.
If you have a "Dragunity Phalanx" in your Graveyard, activate "Give and Take" so that "Phalanx" is face-up Defense position on your opponent side and this monster's becomes Level 5. Then, activate the effect of "Transforming Sphere" and equip "Phalanx" and Special Summon "Phalanx" from your Spell & Trap Zone. Synchro Summon using those two as Synchro Materials.
Combo this card with "Level Limit - Area B" so you can choose any monster your opponent controls and "Transforming Sphere" won't be affected since its a Level 3 monster.
Steal an opponent's monster that cannot be Special Summoned like the Elemental HERO Fusion Monsters. They cannot be Special Summoned any way other than by Fusion Summon so they will be destroyed instead.
Steal an Extra Deck Monster that was not properly Summoned like "Stardust Dragon" from "Starlight Road", they were not Summoned correctly so they are destroyed instead.