This card bonkers.

In 2P, mystics sometimes upgrade Rite of Seeking to the level 4 version just for the sake of the +2 boost. The third clue is often wasted, and the extra cost is painful. People still do this because the +2 is such a critical buff. Combined with other buffs (Holy Rosary, David Renfield, etc.), it makes even high shroud investigate tests trivial. The level 2 version solves all the problems. It has much lower costs, compared with the level 4 version, and give just what is needed: the +2 boost.

As an intermediate upgrade, the level 2 version can help when you don't have enough xp to directly upgrade to the level 4 version. In case you have exactly 4 xp, upgrading 2 Rite of Seekings to level 2 is also better to consistently get the +2, against upgrading 1 copy to level 4. It also synergizes with Arcane Research. Now you can upgrade 2 copies of Rite of Seeking to level 4 with 0xp total (across 4 scenarios)!

Being level 2, the card could be used by off-class mystics. Not sure if Daisy Walker would use this, but Sefina Rousseau definitely love this upgrade. Hell, this may even encourage her to take Arcane Research, since now she has 2 very strong targets (along with Ward of Protection).

Not sure I like the power level of the card, but I guess this is how FFG seduces min-maxers to buy the Return to Dunwich box :P

Despite obvious weaknesses (once per turn only, does not help teammates), this may be worthwhile for a few investigators since there are few alternatives. Like flashlight, this makes 2 evade enemies much easier to succeed against (only the auto-fail token fails), especially on expert mode.

Why does this use the language, "uses ," instead of the more common language, "uses instead of " (for instance)? It came out after Shrivelling and Rite of Seeking, but before Blood Eclipse, which all use the replacement language. It's probably just an oversight, but I kind of wish FFG had opted into this cleaner, but perhaps more confusing, language for all these effects.

Keeping your hands free for Flashlights and/or Magnifying Glasses while also giving you a boost to your worst stat seems like a slam dunk to me. A nominal resource and xp cost might limit it, given how many fun toys Guardians have access to, and in a Flamethrower deck it's pretty useless, but enabling you to hold Lightning Gun, Machete and Survival Knife all at the same time is pretty appealing. Not super realistic, but I'm definitely going to try and make it happen.

This card seems worthwhile with Marie Lambeau, even without any additional support. This and Scrying are the only spells with charges that can be used any time (to take advantage of her activated power). If you would otherwise not be using the bonus actions, the maximum net effect of Alchemical Transmutation would be 1 resource and 1 card spent for 9 resources gained, which is quite good.