Rainbow Neos 'cannot' be special summoned except by Fusion Summon of the listed components. There is no way around this, not even cards like Metamorphosis or Cyber Stein.
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You use any appropriate Fusion Summon card (ie Polymerization) while you have Elemental HERO Neos and any 'Ultimate Crystal' monster such as Rainbow Dragon, either in hand or on the field.
Yes, "Future Fusion" can be used for "Rainbow Neos" by sending an "Elemental Hero Neos" and a "Rainbow Dragon" or "Dark Rainbow Dragon" from your deck to the Graveyard.
Yes Rainbow Neos is legal. A player can have 3 copies of this card in the fusion deck in both advanced and traditional formatted tournaments.
[Warrior/Gemini]This card is treated as a Normal Monster while face-up on the field or in the Graveyard. While this card is face-up on the field, you can Normal Summon it to have it be treated as an Effect Monster with this effect:● This face-up card's name is treated as "Elemental Hero Neos".Basically when you first play it, it is a normal monster with no effect. During a turn when you have not yet normal summoned or set a monster, you can 'summon him again', which counts as your Normal Summon for the turn (meaning you can use cards like Double Summon or Ultimate Offering to both Normal Summon it from hand, then 'second summon' it in one turn).This second summon does not make it leave the field, so all conditions, counters and equips stay on it. However it is still a summon, so can be responded to by cards like Torrential Tribute, etc. After you perform the second summon, the Gemini monster is now an effect monster with the listed effect, in this case, his name is now "Elemental Hero Neos".The point of his effect is that there are certain cards that require an Elemental Hero Neos as a component, or activation requirement. Fusion material for Rainbow Neos, is one example. Using Neos Alius, you can have a greater chance of getting a card in play called 'Elemental Hero Neo' for whatever purpose.
When using metamorphosis the LV of the Fusion monster should be the same as the LV of the monster you are going to tribute.