The crux of the problem, is that you need to get to Transformation fairly early, or your economy will stall out. In order to justify the Transformation strat, and to expedite your UW conquest, it's my understanding you buy Capricorns from the get-go, as you can afford them. So in order to justify the bother of Transforming, you are committing yourself to that course of action.
The problem is, in order to even have then around at all, you are pretty reliant on mid-high level Death summons from Conj to protect from Mind Hunts, and to commit them to battle you are relying on Blood summons that you have no initial access to, which then have a collateral reliance on even more mid-high level Death summons.
I can see this working fairly well overall, should you actually drive straight for Well of Misery, and by some miracle get it up and keep it up. Otherwise, your Death summons, which are in fact the linchpin of the entire strategy, can hardly be numerous enough to fill all of the roles that you need them for. Too bad there's no pretender that auto creates Death gems, or that comes with a "Sickle Whose Crop is Pain" as default weapon.
< Heads off to work on a new concept, the "Screw Combat Magic, here comes the Capricorn Thug Squad" concept. >
9E and Shrouds? Hmmmmm.
I'm just not sure these guys really can do anything well enough to scare anyone with any skill, after the second year of the game. >.>