I finally saved up the badges to buy one, but before I do, I'd like to know what it does?

Someone told me it gives you a costume, but I already have one running. Is the HP/MP/Attak% worth having a costume going to waste, or should I wait till my IM stuff is over?

And will this badge be useless once I do more star of victory quests, or can I pass it to an alt, seal it, etc?

Lastly, is this badge thing timed? Like will it go away in a week or so, or is it permanent like a Walter until I upgrade or throw it away? Thanks in advance, I could not find good info on-line about these.