The card has diminishing returns, and its totally fine to play one, two, or three copies, if needed
Luckily, there are plenty of useful cards in mono-red to make Spider-Punk a formidable commander
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Its obviously a much less powerful card overall, and you cant just throw it into a deck with no concern for what else is in there, but its possible there is a deck built with The Cauldron of Eternity in mind and then this deck could want Gray Merchant, but it really has to be a dedicated self-mill deck for it to work, because if you cast Gray Merchant and it dies naturally (which is the most common play pattern), it doesnt work with the Cauldron unless the Cauldron isnt on the battlefield yet
It's much more tame in Commander, where three opponents are vying over the initiative and the reward of a 1/1 flier every turn is greatly diminished
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