It gains power from fear, I think it should have Emotional Vampire as well as Incite Emotion.
I'd give it, as an absolute minimum package:
Evocation [-3]
Thaumaturgy [-3]
for its magical abilities;
Emotional Vampire [-1]
Incite Emotion (At Range) [-2]
for its 'feeds on fear' stuff;
True Shapeshifting [-4]
Modular Abilities [-6]
for its shapeshifting;
Inhuman Speed [-2]
Inhuman Strength [-2]
Inhuman Toughness [-2]
Inhuman Recovery [-2]
The Catch (Dine Blessing Way Rituals) (+0)*
for general physical power.
(that's -27 Refresh)
It probably also needs:
Refinement [-2] (one each for Evocation and Thaumaturgy)
The Sight [-1]
to boost its wizard/sorcerer powers; that comes up to -30 Refresh, which is probably enough.
*could be +1, but TC seems to imply it requires not just the ritual, but the ritual being performed by someone of Navajo ancestry and actually inducted into the Navajo shamanic culture, so it seems a pretty tricky Catch.
But to boost it further I'd give more Modular Abilities and upgrade some of the Inhuman physical abilities to Supernatural. (Though, as is, it's supposed to do that with its Modular Abilities as appropriate to its shape; a falcon-form would have Supernatural Speed and Wings, a bear-form would have Hulking Size and Supernatural Strength, etc.)
High concept: Fear-Feeding Nightmare
other aspects: Hungry for Magic
Ancient Knowledge
Timeless Malice