I can attest to RoL having a win rate of just under 50% against false gods with 4-6 shards, 3 hopes, and 3 electrocuters. I prefer unupped hopes. playing it earlier saves your butt much more often than having 1 more point of protection. The best part of RoL Hope is you can win very very quickly against many gods if you're just grinding for cards (if I'm pressed for time I'll do this), or take the time to heal up and get an EM, often by doing the math and dealing just enough damage to heal up and then finish with your electrocuter. In fact, fractaling one ray of light generates enough light quanta to out-rush many false gods even without a hope shield. I've won against Ferox and Paradox a few times by just playing dragons as quickly as possible when my shield didnt turn up.
It's a very flexible deck. Against Chaos lord, for example, if you're slow fractaling, you can take the risk with playing your electrocuter and zapping his creatures, or you can instead just get a bunch of rays out and hope he doesn't get any momentumed/ridiculously-high-attack creatures from fallen druids.
I personally am comfortable with the amount of thought that goes into playing rol-fractal-hope, and am just overwhelemed by the time commitment required by rainbow. I've found that RoL farms much more quickly and with less mental exhaustion. Most games you lose you lose in the first few turns, and you have a very very good win rate against many gods.
I highly recommend upgrading 6 rays and 5-6 shards of gratitude (farm top 50 if you don't have them) and farming false gods with rol-fractal-hope. Just 15 games should net you around 5 cards, which you can sell and be on your merry way to upgrading the rest of the deck (happens remarkably quickly) and whatever else you want. Games usually last around 2-3 minutes if you know what you're doing. I recommend agaisnt upgrading a grind deck unless you're farming for score, in which case a mono-life is probably ideal for the elemental masteries. If yuo want to farm top 50, I'd recommend a lava golem rush, speed rainbow with some control/denial (earthquake, rewind, congeal, etc.), or, my personal favorite, fractal chargers (elite chargers, 4-5 dim shields and 4-5 fractals). There's just no good way to counter a crap-load of 7|5 creatures with momentum. even a double fire storm won't defeat you if you've kept one in your hand to fractal in a couple turns.