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Even if you had a way to infinitely make this gain life somehow, there's certainly more efficient means of doing so without utilizing such a fragile creature in the process
Another popular direction to take the theme is through the use of the "Vernusylph" monsters, as all "Mimighoul" monsters are EARTH Attribute and therefore are able used as discard fodder for the effects of the "Vernusylph" monsters
A good way to approach deckbuilding in a new format, especially one with a fairly limited number of cards, can be to start by looking at what the mana is like and what dual lands or other nonbasic lands are available to you
In other words, whenever Blaines Charizard has both Electrode and regular Fire Energy (including cards like Rainbow Energy) attached, the player has can either opt to discard all of their Energy or they can choose to keep one Fire Energy and deal 20 damage less