How does Transmogrifier work exactly?

I'm playing as Engineer, I leveled up mostly Brains/ Finesse, utility skills like Computers/Lockpicking/Decipher, etc. I also have some points in combat skills like Pistol/Rifle/Blade. I've never put any points into Power or any Psionic skills.

The problem is I completely run out of ammo, I only have knife and blade, and I'm on floor 35!

My save is next to Transmogrifier and I'm wondering is it possible to switch to some other class to be able to continue game. I think, if I switch to Psion I might be able to continue fighting with him, but I'm not sure what happens with my skills.

Will any of my main stat points be reallocated into Power? Will any of my skills points be reallocated into psionics? Is it a good idea to use Transmogrifier?

I've ended up using Transmogrifier for science!

To my surprise I didn't have Psion as available choice, so I've changed my Engineer into Seeker.

This is what happened with my stats/skills:

                Before      After
_____________________________________
Health          1441/1770   1770/1770
Experience      1665/20500  1743/20500
PSI points      38/200      448/448
Armor           81.2        0
Food            431/710     421/793
Radiation       0           0

Stats
Might           66          66
Fitnesse        88          88
Brains          100         100
Power           10(-30)     90

Skills
Lockpick        100 117     100 117
Electronics     100 117     100 117
Mechanical      100 113     100 113
Computer        100 120     100 120
Engineering     64 84       64 84
Pistol          84 101      84 101
Rifle           74 91       74 91
Aslt Weapon     55 72       55 72
Hvy Weapon      10 27       50 67
Decipher        100 120     100 120
Knife           66 83       66 83
Blade           75 88       75 88
Spear           1 14        55 68
Traps           45 62       45 62
Medical         52 72       70 90 
Melee           15 28       15 28
Foraging        63 83       63 83
Biotech         46 66       70 90
Empathy         29          60
Telekinesis     6           75
War Mind        1           5
Redaction       1           50
Manifestation   1           25
Mecha Empathy   32          32
Resistance      1           55
Necro tech      1           1

Proof that stats are really that high:

I find this transmogrification (or whatever it's called) an absolute win - my stats / skills became only better. Except for armor, because Liirs cannot wear regular costumes.

I still died with this character on the last floor.