Yes, her activated ability to bounce herself back to your hand costs 2 life at instant speed and at no mana cost, and you can respond to your own activated ability by re-activating it as many times as you want
Both versions are equally playable in tournaments
(In fact, weve so far already implicitly assumed some rudimentary player strategy: namely that if we can play a land, we do so.) If we're to account for all these different factors, its going to be practically impossible to get an analytical answer, i.e., an answer in the form of a neat little formula like the distribution function of the binomial or hypergeometric distribution
Whenever you copy a mutate creature while it's on the stack, like with Volo's ability, the entire chain of mutate abilities will begin again when your copy resolves, giving you so much more value than normal
If it's a creature card, put that card into your hand
What's your preferred enchantment removal in white