***TRIALS RESPONSE***Rainbows like this is very fun to play, as you probably already know after playing with your deck. They are also quite effective. But there are ways to make them even more effective. Higher winrate is something everyone loves.
I see a few things with your deck as I'd like to improve. First, the light mark is pretty unneccesary, and a time mark would work better. The Hourglasses consumes quite a bit time quanta. Secondly, I find unupped novas in big rainbows pretty bad. In upped format Supernovas are very useful, but in this deck I don't think they are needed. Then when talking about cutting down the deck size, I find some cards that you don't need. Plagues, Morning Star, Novas, Butterfly Effect... Removing them will make the deck work more smoothly. If you have an Eternity - add it. They work both as slowing down your opponent, and to keep you from decking out. If I was to build the deck, this is the way I would do it:
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4sa 4sa 4sa 4sa 4sa 4sa 4sa 4sa 4sa 4sa 4sa 4sa 4sa 4sa 4sa 4sa 4sa 4sa 4sa 4vm 52n 52r 52r 55r 55r 58v 5c6 5f8 5f8 5fa 5lm 5lm 5lm 5lm 5lm 5lm 5rl 5rl 5rl 5rl 5rl 5rl 5rp 5rp 5rp 5rp 5up 5up 61t 61t 61t 621 621 621 8ps
As you can see, the basic idea is the same while a good amount of cards is removed, changed and added. Bone Walls works perfect in this deck. Sanctuaries for healing, Boneyard for generating Skeletons to mutate with your Fallen Elf. Another Hourglass because they are vital. And some smaller changes.