I have a dwarven Sorcerer/Fighter/Eldritch Knight/Arcane Scholar from before the update, it has Fast Healing III. It was bit annying to level up, but like with all arcanist, the more levels you get the better it becomes.
You can see the stats of the creatures here:
https://wiki.bgtscc.net/index.php?title=Polymorphing
I have not tested the Augment Form feat, but it is a feat that in theory should enable you to remain a pure arcanist. For example, you could just go for a Wizard 30 build if you wanted.
Or perhaps you would want to be able to get BAB of 26+ with the Augment Form feat, in which case something like a Wizard 6/Eldritch Knight 7/Dragon Slayer 7/'Something else' 10 could be your preferred build.
You could just ignore the Augment form and go for Wizard 5/'Something' 8/Eldritch Knight 10/Dragon Slayer 7 for 23 BAB.
---
Now, the easiest way to make use of your new form is just buff up and beat things one on one. With Mirror Images, Concealment, and +15 AC from your spells, you can do it just fine.
But there are other things you could also try...
For example, if your new form has an immunity to ability damage or poison you could try the following:
1) Gather a mob,
2) Casting Cloudkill on the ground,
3) Polymorph/Shapechange and get EXP.
Or perhaps you should look over at spells like:
Death Armor and
Elemental Shield:
1) You pick a form that has regeneration.
2) You buff up with your primary focus on DR alone. You want to have as much DR as possible, but also as little DR as possible. What you want is that the enemy can still damage you whenever they score a hit. Additionally, you will want the enemy to hit you as often as possible, and this means that you can leave out some of the AC buffs, and you should not use things like Mirror Images or Concealment.
3) You cast both
Death Armor and
Elemental Shield, preferably as extended spells.
4) Then you polymorph into a form that has innate regeneration.
5) Now you are ready to gain EXP. The enemies simply kill themselves by trying to kill you. Whenever they score a hit against you, they take far more damage themselves, and regeneration should be enough to keep your HP positive. You can apply AC increase if the enemies are too rough.
Both of these options work, and both of these paths will burn through your polymorph and shapechange spells because you will have to reapply the spells mentioned above. In one sense you would prefer to be a sorcerer due to their spontaneous spellcasting.
But in a party, just Polymorph/Shapechange with all your defensive buffs cast beforehand and you should be golden.
And like with all arcanists, the higher your level gets, the better you become. The low levels can be a struggle, but with levels you get more spell slots, more duration and then you will have a great deal of fun.