If youre not fussed about the specific edition and those details, despite still being pretty costly for a single card, $123 certainly seems like a less bitter pill to swallow than the $500 that the 1st edition card commands
701.28 The transform rules now include transforming double-faced tokens and define a "transformed permanent." A permanent with its front face up is never considered transformed, even if it previously had its back face up
There are TONS of good looting / cycling options in Red so we've loaded up on the most efficient versions of them
This includes Fungusaur, printed way back in Alpha, which will become a Fungus Dinosaur, all the way up to Deathmist Raptor from Dragons of Tarkir, which was clearly a dinosaur even if the creature type originally said Lizard Beast
As the cube designer, you have the final say in your cube's update process, though you'll want to account for player feedback