Yes you've got the idea right...in essence you can really waste points using it. Firstly you have a unit which doesn't end up on the board for several turns (possibly never) and you lose the remainder of a unit when it fails its were test. It's (along with almost all of the fantastical elements) overpriced and relatively useless.
This is a shame. We love Dragon Rampant/Lion Rampant...but the fantastical elements are pretty crap. Almost none of them are worth the cost when you would be better off taking more units.
As such we've discussed doing the points values in a game differently, namely 24(12), where an army would consist of 24 points with 12 points free for fantastical upgrades. If you use this method I'd argue the creature cost of what your unit turns into could be absorbed in the 12 fantastical points rather than the initial 24 (giving some vague purpose to using the trait). We all agreed this is probably the way to go. There's little reason in having, for instance, a magic user when his points cost could be used for a full unit of heavy foot!
I wouldn't have any issue using three bears as a twelve point unit either. That's precisely why strength points are used.
Regarding the points and how you have it laid out...I think for this instance you can ignore the 10 point limit. That's for a single unit. Technically a wereunit is costing you to purchase two units, so I wouldn't worry about the 11 point cost.
If you just want to field werebears right out, use the greater warbeast profile and call it a day.