Masterwork Transformation says that you can cast the spell and spend 50gp to make a tool Masterwork.
1) Is a Spyglass considered a tool?
2) What bonus would it give if it was Masterwork?
I would not consider a spyglass a tool as it does not give direct aid to a specific skill check (like thieves tools or an alchemist kit). However, if it were ruled to be a tool (by vote or something at my table), I'd give it a +2 to visual perception checks.
At a 1,000 gp cost, I'm already considering a spyglass to be masterwork.
Masterwork Spyglass Description:
"Objects viewed through a masterwork spyglass are magnified to four times their size. Characters using a masterwork spyglass take a –1 penalty on Perception checks per 40 feet of distance to the target (instead of per 20 feet as with a normal spyglass)."
Price: 4,000 gp; Weight 2 lbs.
Source: Ranged Tactics Toolbox pg. 21