That sounds like a good build. I chose to go red-blue instead of red-green since it allows me to reuse the elementals summoned by Incandescent Soulstoke, or alternatively get my Incandescent Soulstake out of a sticky situation. This deck was designed to use some cool cards, not necessarily to be the most powerful. As it is, I do not have any of these elementals anyway. Thanks for the input.
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Many of the cards in this deck are non-essential. Consult the Necrosages and some of the control cards can be replaced by better ones. I'm just a fan of Consult the Necrosages. Maybe this deck doesn't need so many Dimir Infiltrator for fetching the combo spells. Darksteel Reactor can be replaced by any other win condition. Golem Foundry could be fun. Vedalken Archmage/Selhoff Occultist/Extractor Demon to mill your opponent. Add Laboratory Maniac to mill yourself. Mirran Spy + Alloy Myr for infinite mana in any colour + say, Banefire. I'm sure there are many more ways to cause infinite pain.
To be honest, I'm new to magic and I don't actually have these cards to play with. Phyrexian Arena is good, but I'm already losing a bunch of life with Night's Whisper. Dream Salvage is probably a little weak though.
Ok, so I've made some changes. I removed Liliana's Caress and Liliana Vess to make use of the madness mechanic. Liliana of the Veil makes more sense if I'm using madness. I don't think the madness cards are particularly strong though. They kind of dilute the discarding a bit.
Thanks for the suggestions. Abandon Hope is useful. I thought about adding cards that force me to dicard as well so that I could use the madness mechanic, but I ended up with too many cards. Since the main aim of the deck is to use the Nihil Stone, I decided that getting the opponent to discard was more important. However, Call to the Netherworld would be great if I need to chump block with my rats or specters - I can bring them back to cause more discard pain. Beseech the Queen would also be good. I haven't seen that card before.
There isn't a particular win condition, however, the idea is to make your opponent dicard cards until they have no cards, at which point Quest for the Nihil Stone, Painful Quandary and Guul Draz Specter are potent. The opponent's development should be hindered by the consistent discarding so that it will be difficult for them to mount significant threats. I haven't played this deck, and I'm sure there are ways to improve it, including giving it a better killing blow.