You just need a minimum of one creature on your board that will become your Ring-bearer and due to how The Ring mechanics work, said creature will meet the legendary condition for your tutor to be valid
The Ozolith needs to pick its target the moment the trigger goes on the stack, if you try to activate Inkmoth while in your beginning of combat step, it will be too late
All affected players should first make the choices, and only then the effects happen all choices first, then all effects simultaneously. And you wouldn't be too wrong for thinking that
The base effect of the card is already perfectly viable and good, and hellbent grants it an extra advantage that makes it stronger
Might as Well "Mise" was Magic slang at the time about winning more through luck than skill
Is there an Izzet or Grixis deck that wants to pair this with Psychic Corrosion or Psychosis Crawler