Take a look at my deck here, it's a little more expensive but I haven't had many games that went past turn 5 with this setup. Mogg fanatic and mogg flunkies have come in handy more times than I can count. http://www.mtgvault.com/ViewDeck.aspx?DeckID=165123
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Nice! I'm glad you guys like it so much, I think I may just build it! Please let me know if you have any suggestions or replacements you'd make to, well, help make more dragons.
I love this deck, mostly because I love anything with Fling in it, but I think you did a good job here, especially combining fling with the Abyssal Persecutor
Also, look into Doom Blade instead of Terror.
Cathartic Adept and Teferi's Response seem a bit... misguided to me. Hell, I'll just say it, they're dumb cards and don't belong in any deck.
I like your idea... In fact, I can't find much wrong with this deck. Maybe throw in a Worldly Tutor to help you find what you need when you need it, because being without a Mycoloth could be really sad times. Other than that, well done sir.
Consider Invigorate. +4/+4 has 0 cmc because you can just give them 3 life since you don't care about their life total anyway.
I think your idea is a little scattered and I think that you need to consider adding more mana-producing cards. I mean, 12 islands? I know you have that high tide card, but you might need more for a real game. Also, you can't afford Mana Drain. Go ahead. Try to buy it. God I'm a dick... But I like your idea for the time stretch card. Find a way to buy it back, or play it from your graveyard, and then it'll be REALLY funny.
Focus, dude. Get rid of the non-infect creatures and look into ways to get your infect creatures past their defenses (whispersilk cloak, e.g.) Give them 10 poison counters as quickly as possible. Focus.