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If the target creature is an illegal target by the time Hithlain Knots tries to resolve, the spell doesn't resolve
If the condition stays true, the ability does not keep triggering over and over
Moving forward, opportunities related to Modern are much more likely to involve three specific categories of targets: High demand recovering reprints, eg: LoTV, Tarmogoyf, Snapcaster Mage, Cavern of Souls Recent reprint dodgers, eg: Ancestral Visions, Inkmoth Nexus, Engineered Explosives, Grove of the Burnwillows, Mishras Bauble Newly unlocked/underestimated cards, eg: Rite of Passage, Deaths Shadow, Amulet of Vigor, etc