I designed this a year ago and just found it again and it looks interesting so I'm making it available for comment and critique. Suggestions appreciated.
This is the draft I have so far for a budget Rayne Tiny Leaders deck.
It's based on drawing out your deck without fear of decking yourself, and using a full hand to your advantage.
Win-cons
The win-cons are Laboratory Maniac and Sphinx's Tutelage.
Attackers
The only creatures really effective in combat (usually with a bit of help from enchantments, i.e. Traveler's Cloak) are Chasm Skulker, Saprazzan Heir, Cephalid Inkshrouder, and Rayne, Academy Chancellor herself.
Life Gain
Ramp
Draw Power
Counterspells
You shouldn't need much more thanks to other forms of protection.
Other Protection
Kira, Great Glass-Spinner, in combination with Rayne, Academy Chancellor, will let you draw 4 cards before an opponent can even land a spell on one of your creatures! Broken card. Just broken.
Rayne, Academy Chancellor is really pseudo-protection, but drawing 2 cards when anything of yours is targeted is enough to make opponents think twice.
Soratami Rainshaper makes your late-game land draws worth something. Moonfolk coming in clutch!
Alexi's Cloak is nice in the rare occasions that you DON'T want your creatures being targeted (Rayne, Academy Chancellor).
Monastery Siege can help with your draw OR protect your permanents. If only it could do both... :(
Traveler's Cloak is on the fence, but attaching it to a Chasm Skulker just before combat makes for a nice addition to an already large threat.
Miscellaneous
Spellbook is self explanatory.
Elixir of Immortality prevents us from decking ourselves without Laboratory Maniac in play.
Spy Network lets you plan based on your opponents hand and stack your draws early on. Surprisingly useful.
Quicksilver Fountain should slow your opponent down more than it slows you down, allowing you to get ahead. Note: If I wanted to make this card more effective, I would move to a more artifact-based strategy, which Rayne, Academy Chancellor would complement very well (Artifacts and a full hand are fun!).