Do so with the invisimancers. I would replace Clutch of the undercitys with Recoils, they dont do damage, but are cheaper and are a more permenant removal once their hand is empty. I think that even one mistblade shinobi would be good to replace a vapor snag with so that you can bounce invisimancer and such. Only one Dire undercurrent is necisary. And for the love of god put in at least one Surakar Spellblade
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Might want to put at least a couple dual lands in for mana consistancy. Seachrome coast would go well if you have them, and sejiri refuge is not too bad if this deck is going on a low budget
furthermore: lightning helix
you could put near death experience in and burn yourself down to 1 for the lulz
im pretty sure that if you play dormant sliver, you have almost no chance of winning
oops, i meant memory sluice is better than tome scour
mind funeral is one heck of a card. telamin performance is really good also, at least for a sideboard against tendrils and other creatureless decks. nemesis of reason. szadek is really good, but probly too much mana for this deck. memory sluice might be better than archive trap if youre playing creature heavy. induse parinoia and broken ambitions are good mill/counters. sanity grinding is good for 3 mana, but would be better in a pure blue deck. shelldock isle is a good land for mill decks. duskmantle is i guess a good enough place to dump mana if you have it at the end of the turn
you have 2 cancel fyi
horde of notions, in the sideboard. no particular relation to the deck exept for a couple elementals, I mostly just wanted an excuse to play rainbow, and he seemed like the best 5 color legend
a couple quest for the gravelord might be good. gatekeeper of malakir might also be a good way to keep opponents under control while putting +1 counters on mortitian beetle
shriekhorn is better than archive trap, mills 6 instead of 5 for the same mana
personaly i would make the lands: 4 arid mesa(if you have money), 2 warzones, 5-6 plains,11-10 mountains. i would have to play the deck to give a better estimate, but i would think this mana base would be fairly stable. try it out if you want, or not, just a suggestion
Steel Hellkite is a beast on a budget! I also made a B/U control for cheap that used him and Sphinx of Magosi as winners, and I think it turned out pretty well. Look him up, he's exelent control and since he's all colorless, you wont have to worry about colors to play him.
Since this deck is so highly agro I would take out the tapped lands since you'll need the mana every turn and wont want to wait for your lands to untap. You might also want to check your mana base. You have 8 white mana symbols in the deck, 24 red ones, but you have the same amount of lands for each, which could lead to some awkward hands.
im not sure if anyone has mentioned this yet, (there were too many comments, so i didnt read all of them) but tainted sigil might go really well in this deck. its another white/black card in the theme of life gain/drain