I definately like this deck a lot, and I have some ideas of what to add. The important thing is locating a win condition, which I think Talrand or Guttersnipe both work:

Snapcaster Mage - Always a plus in these kinds of decks, but I would try to avoid too many creatures. Then again, he basically lets you cast one anyway, so whatever. I would try to get as many as possible in here.

Mizzium Mortars - Board wipes are few and far between in standard right now, and this guy is pretty top notch with your game plan. It's cheap, so I would say try for 3.

Past in Flames - With the reduced costs, this guy could be a huge gain, especially if you use it with Rewind to get a ton of mana. I think this could couple with Guttersnipe to make a win condition. You could get a lot of board control, and then when you have a ton of mana, drop this and a ton of spells to take over the game. Maybe a 1 or 2 of.

Syncopate /Dissipate - These cards is fantastic as counterspells, being able to exile something you never want to see, even in the graveyard (Unburial Rites , I'm looking at you). The differance is that Dissipate is a hard counter, but Syncopate is better for reducing the cost.

Rolling Temblor - For the sideboard, this card can take out almost every threat in a RDW deck (Ash Zealot can definately mess with you). The only issue is that it takes out most of your stuff as well (not the Drake tokens, though). At turn three, however, they can have 4 or 5 threats coming at you (all with 2 toughness), and you would just have and Electromancer. I think this card is a definate 4x in the side.

+1 from me! Izzet love!

A fun card for this would be Dynacharge ! A great way to finish games if you have a bunch of tolkens!

Mizzium Skin to make sure that the Cyclops is going through unhindered by spells like Azorius Charm and enemy Cyclonic Rift.

Have you thought of creature stealing red spells like

Act of Treason

Traitorous Instinct

Catch / Release

Mark of Mutiny

being able to steal away their creature/permanent to turn on cyclops is gross. If your opp's play with anything 3/3 or higher, then these cards can turn the game around with one spell.
Most of the time 4 or higher attack creature stolen means certain death.

I could see using Catch for the versatility. Not quite sure where I'd fit it in, but it's worth considering.

Catch / Release or Act of Treason would bee good sideboard. i think Catch / Release is totally underplayed, i use it in my cyclops and reckoner deck, and it has definitely won me games.

Hey Austin I checked out your list and was curious what results you have been getting with it. With my pervious list I went 2-2 at my LGS last Friday. I like the idea to use the skull cracks to deal with life gain/fogs. The biggest surprise is that you are not running faithless looting from my time playing this deck it is a huge asset allowing me to basically have more control over what is in my hand allowing to either pump nivix up enough or have enough fuel for guttersnipe, and maybe most important effect is to not miss any land drops for the first four turns.