So, without bouncing, the ceiling on this is a 4-mana 4/3 and a 3/3. Honestly doesn't seem bad; it makes an additional rectangle that isn't just a chump blocker.
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6 total modes on this, right?
2-mana 1/2. Weak.
2-mana 3/4. Good.
4-mana 1/2 and 1/1. Pretty bad.
4-mana 3/4 and 1/1. This feels okay.
4-mana 1/2 and 3/3. This feels okay as well. Not sure if it's better or worse than the previous mode.
4-mana 3/4 and 3/3. This is great.
Seems flexible enough, with a good enough ceiling.
The baseline is slightly below average but it scales up greatly. I imagine it would be easy enough to have food by turn 4, then you play this as part of a double spell turn or go for offspring. It would be an okay play even if the token didn't get any bonus.