No, transforming a creature doesnt remove it from combat , unless its exiled and then brought back like with the flipwalkers
This is a minor bonus with Dungeon Crawler, a moderate bonus with Precipitous Drop, a major bonus with Nadaar, Selfless Paladin, and worthless if you have nothing that cares about completion
This won't affect Phoebe, who presumably still has the one she stole from the original creature
Delaying Solemnity I also use a combo that might get you kicked out of the table if you use it too much
Instead of trying to close out the game as quickly as possible, you would use Life from the Loam to ensure you can keep recurring your Bloodghasts and flashing back your Faithless Looting, while building a sizeable hand size to set up a big Conflagrate either to point at your opponents face or wipe out all of their creatures