question about smith's masterwork

do anyone knows about this?
if we can only use normal chest armor to active this
1. we can choose how many from all options?
2. what we need to invest for getting options?

Current understanding is:
1) Yes, up to a maximum of eight (8) of your total ascendancy points can be put here (the first node is free).
2) Ascendancy Points.

Bonus: Current theorycrafted builds are keeping it four (4) points to get Coal Stoker AND Forged in Flame then the rest of the four (4) remaining points on Smith's Masterwork. This will likely change if any of the other nodes are good/usable or even OP.