Tried it playing around with it for a bit now, but there's 2 flaws. I can't seem to remove the red border (pretty much want it to display nothing while neither is active), and I can't seem to be able to add 3 spell ID's in one tracker, will only let me accept upon addon 1, 2, but not 3.
The configuration is somewhat roundabout; you have to go into Tracker Styles and define how things look in various cases, which will then apply to each tracker which uses that style. In this case if you don't use Auracle for anything else you can just change the Default tracker style's border/icon/text settings and uncheck "show when missing", and then it should become invisible when no matching buff is present. It should also let you add as many auras as you want to one tracker; I have some with dozens (i.e. all short-term CC effects - tons of them). Just type in each SpellID, hit enter for a new line, repeat, and click "Okay" at the end so it saves your changes. It should convert the SpellIDs into buff names -- if that doesn't work you can also just type in each buff's name ("Shallow Insight", "Moderate Insight", "Deep Insight" iirc).
As for the cycle, yeah my understanding is there's a % chance to start and then progress to the final state, but then the final state only lasts awhile until falling off, and then you start the cycle over. Otherwise you'd get to Deep Insight pretty early and then stay there the whole fight if it kept refreshing, that wouldn't seem right. So in that case, if you only care about being in the final state, you might just want to put Deep Insight in the tracker and nothing else; if you're worried about making sure you use the right abilities to refresh/advance from earlier states, then you'd keep all three and maybe even keep the timer enabled so you know when it'll fall off if you don't refresh/advance in time.