I have to say, for a speed rainbow, it lacks both speed and rainbow.
What I mean to say is, a set of creatures that utilize ALL of the quanta available to you will both come out faster and generally be more aggressive. My AI5-killer rainbow rush looks like this:
6qq 6qq 6qq 6qq 6qq 6qq 6rn 6rn 6rn 6u1 6u1 6u1 6u2 6u2 6u3 6u3 6u3 6u3 6u3 6u3 74e 74e 7gl 7gl 7gl 7k1 7n3 7q5 7q5 7t9 80g
This deck uses all but one type of quanta:
for Supernova, Werewolves, and Chaos Power
to power Physalia
for Graviton FireMasters
goes unused
powers the FFQ.
powers the Firemasters
casts the Physalia
casts the Morning Glory
casts the FFQ
casts and powers the Hourglasses
casts the Steal and powers the Werewolves
casts the Phase Recluse
This deck often deals 160+ damage before the opponent gains control, and then kills them via Poison after they do.
With the new Mulligan rules, 6 pillars is enough to get at least one in your opening hand in 95% of games, and the Mark makes sure you can pop off a Supernova and get some damage down on Turn 3 at the latest -- and when it does hit, it hits fast. The SoGs are just enough healing to keep you alive vs. most AI5s.
Variations:
-1 Morning Glory, +1 Pulverizer: more control, but more vulnerable to permanent destruction.
-1 Steal, -1 Chaos Power, +1 Vampire Dagger, +1 Animate Weapon: More healing is often good.
-1 Phase Recluse, +1 Quintessence: If I feel like I'm getting over-creature-controlled, I'll Quint an FFQ, Firemaster, or Physalia depending on the opponent.
That's how I set up a rainbow rush. Not that yours is bad per se, but concentrating all of that quanta usage on just a few Elements means that you can't just hand-dump and get a very fast rush, which means that you're allowing your oppnent more time to get his control on.