Couch312

You should run 4 of everything that allows to ult planeswalkers super early. 4 training grounds, 4 gilder bairn, 4 doubling season, 4 paradise mantle.

I do love your budget decks. Have you thought about finding room for dark ritual or high tide in here? I realize a play set of either will make this deck over ten dollars, but it would be sweet to turn 2 or 3 rooftop storm.

Groundswell? Berserk?

Bloodghast is great for multiple sacs.

Of course, top tier legacy decks use fetches because they're myths. This includes mono colored legacy decks.

Land thinning. It thins out the lands in your deck so you only draw useful things.

I would proxy four fetches and four force of wills. At least have 2 force in the main.

Does your local legacy tourney allow any proxies?

LegacybluedeckX + Y = Force of Will.
If you're playing blue in legacy Force of Will is a staple card. This would also greatly benefit from fetches and aether vials.

Selesnya charm is great. But stormbreath is in the meta. Unravel the Aether is nice, but it's a temporary answer, and they have a chance to top deck it, revoke gets rid of it forever.

Revoke Existance is also good for any enchantment, and Celestial Flare is a decent sideboard choice for anything big.

You could easily make this mono red if you wanted;
-2 Deviant Glee
-2 Baleful Eidolon
-3 Nyxborn Eidolon
-3 Boon of Erebos
-2 Pharika's Cure
-4 Dragon Mantle

+4 Rakdo's Cackler
+2 Madcap Skills
+3 Titan's Strength
+3 Fanatic of Mogis
+4 Coordinated Assault

Or for staying in Rakdos;
-4 Nyxborn Rollicker
-2 Deviant Glee
-3 Nyxborn Eidolon
-4 Dragon Mantle

+4 Spiteful Returned
+2 Madcap Skills
+4 Titan's Strength
+2 Pharika's Cure
+1 Lightning Strike

Just my opinions though.

Define budget.
To me a budget is 30 dollars or under. If I can walk into a local card shop and buy the entire deck outright for 30 or under I consider it budget.

You don't run enough enchantments or enchantment creatures. I mean, it would give honey badger first strike, and it has a a potention of getting bigger with madcap skills. Up to you on that one.
My pauper deck. Not standard.
http://www.mtgvault.com/couch312/decks/pauper-elves-2/

Glad to be of assistance.:D

No. Unless it was printed as a common at some point and time.

http://www.mtgvault.com/couch312/decks/trolololololololol/
I've cannabilized the deck though, this is what I ran for awhile.

Well, your real beatstick is ethereal armor. I would suggest throwing in some low cost enchantment creatures over things like Voice, Fiendslayer and Lawmage. Because dropping two ethereal armors on a hopeful eidolon and swinging with a 7/7 lifelink is brutal. I would also either sideboard ranger's guile or brave the elements/gods willing. I would also run gift of orzhova over stratus walk.

Phytoburst over Ariel Manuever?

Transguild Promenade is better than unknown shores, you only have to pay 1 once.