No, a token cannot be your commander since tokens arent considered cards
Any effects that modify the Shapeshifter's power or toughness without setting it to a specific value will apply after its base power and toughness are set, regardless of the order in which those effects were created
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Whatever you use to represent the token doesn't necessarily have to be blank, but only what you draw within the fifteen seconds will count toward determining what its abilities are
Nazgl states that you may have up to nine copies of it in your deck , and it even overrides singleton formats
Its ability to spit out tokens, while being an enormous undercosted flying creature, helped it kickstart its own deck, designed to get around its tricky casting restrictions