Please see the following link where I attempted to build Animae spells:
Also see this feedback: Discussions arround the post-a-day mystery and virtue-dependent thread - #12 by fuliginclad
As to whether the fae dies, no, not really. It's probably not too different from a faerie casting off a role and disappearing back into Arcadia. Except there's no glamour item left for another faerie to pick up the role. And whether the next faerie is the same one, is a different one, or a different one pretending to be the same one is YSMV material, and something you may or may not be able to ever answer in game satisfactorily even if your table rules that, functionally, stats carry out. Unless you use ritual-level durations, such faeries wouldn't get enough table time to evolve, so the point may be moot.