Spitting Image

As the token is created, it checks the printed values of the creature it's copying — or, if that creature is itself a token, the original characteristics of that token as stated by the effect that put it onto the battlefield — as well as any copy effects that have been applied to it. It won't copy counters on the creature, nor will it copy other effects that have changed the creature's power, toughness, types, color, or so on.

If the active player casts a spell that has retrace, that player may cast that card again after it resolves, before another player can remove the card from the graveyard. The active player has priority after the spell resolves, so they can immediately cast a new spell. Since casting a card with retrace from the graveyard moves that card onto the stack, no one else would have the chance to affect it while it's still in the graveyard.

A retrace card cast from your graveyard follows the normal timing rules for its card type.