Once you've determined that there would be excess damage and how much damage is excess, Megatron simultaneously deals damage to the creature and to that creature's controller, then converts
The smaller of the two tracks gives you uncommon wildcards every time its completed, while the bigger of the two Tracks alternates between giving you rare and mythic wildcards
I used to play this card in standard with Master of Cruelties (Whenever Master of Cruelties attacks a player and isn't blocked, that player's life total becomes 1
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He has flying, first strike, trample, lifelink, and haste, and at the beginning of combat on my turn other Spiders I control will gain all of those keywords
Stinging Study isn't ideal in decks that use commanders with mana value less than five so that should guide you in your deck building