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(1/3) To answer your concerns: 1. Maximum hair length is a biological trait which you would be able to vary within the typical ranges of maximum possible hair length, and you would be able to vary your hair up to whatever maximum you currently have. Even if your maximum hair length is long enough to be outside typical ranges (instead of you choosing to have your hair closer to this maximum length), you can always return to any part of your original body.
(2/3) 2. There are safety measures preventing injury with this ability. Your ring might get uncomfortably tight or impossible to remove, but it would not substantially impede blood flow or cut your finger. There are fewer safety measures protecting objects; the transformation does not exert enough force to break a ring but might harm weaker clothing. The safeties can be overridden, but this is always deliberate and there have been no cases of that happening for the uncontrolled transformations.
(3/3) 3. You could revert any change you make, but it’s advisable to wait a few minutes between transformations to avoid strain (unpleasant but does not permanently hinder transforming) . The changes themselves take a few seconds. 4. This varies a lot (from about once per two days to once per hour), but four times in 16 hours is typical. Some of the first control typically learned is delaying or the spontaneous transformations; a bit later is some minimal control over spontaneous changes.
…yeah, I’ll take it.