Oh, tell your friend to put 4x Winter Orbs into his Elf deck. One of those placed at the right moment is clutch.
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Just a personal recommendation... -4x Hero of Bladehold. Replace it with 4x Springleaf Drum Also, with Memnite and Ornithopter, Glint Hawk is pretty baller.
I would highly recommend adding in Surrakar Spellblade, and Manamorphose is a winner in my book. If you use Manamorphose (or can afford to add dual lands), adding in Swift Justice helps win a race. The other really useful card is Apostle's Blessing. I like it though.
I have a deck similar to this, I won't link here because I do not have it populated, but some changes I would recommend: I like to make them draw extra cards, so there is always fodder to be discarded, towards the end, I think this is a faster kill. I also main deck Chandra. +4 "Howling Mine" - 4 "The Rack" +1 "Sangromancer" +3 "Mountain" - 4 "Pain Magnification" (too slow)
I was thinking about doing something similar. A recommendation I'd like to make is adding Soul Conduit for the kill.
Another great card for side deck is Stench of Evil.
With only 7 blue sources, you may have trouble getting the blue reliably for the experiment. Manamorhpose will help, but for more reliability I would suggest adding 4x Scalding Tarn Adding 1-2 Past in Flames would be good for you. It does not synergize well with the experiment, but the cards already in your grave give you huge card advantage from Past in Flames (likely Seething Song, Desperate Ritual, Pyretic Ritual, Manamorphose, Reverberate) Guttersnipe would be way better in deck than Wee Dragonauts for multiplayer, even though it is "Cast" based instead of "Play" a spell. The 2 damage is immediate and hits everyone though.
I like where you are going with the deck, but you could run into a lot of trouble against a solid life gain deck. I would recommend Leyline of Punishment or Sulfiric Vortex to answer that possibility. If you wanted to add some additional mid-game power-> I really like Fire Servant for the double damange, and if you go with him, gauntlet of might or gauntlet of power add a lot to your midgame. Another option is to use 4 shrines of burning rage + 4 volt charge. This strategy allows for strong use of Koth of the Hammer, or even a Chandra if you feel like it. I like that you have 2 howling mines to take advantage of your low Converted mana cost and if you stick to that (as opposed to opening up your mid-game), I would say you could up that number to a 3-4. I think Furnace Scamp is too weak/slow for this deck and you would do better by taking him out to add 1-2 more Howling Mine, OR Goblin Guide. In fact, Goblin Guide would be better than the Arsonist or Fireslinger. Another good card you could add that would fit your theme is Lava Spike (1 mana, 3 dmg, only to a player, sorcery)... A solid answer to multiplayer is Sulfiric Vortex. A solid answer to tokens is Earthquake.
I won't suggest too many specific cards (that you NEED) because with EDH there are so many choices that you can pick you think is the best of the options. But I will suggest a few card types that may help improve deck and give you some ideas for improvements. Take these suggestions with a grain of salt, my playstyle may be very different than what you are shooting for with that deck and the group you play with affects, well... the Meta you build around. Just my 2 cents, but I would recommend adding a few black tutors. If your commander deck runs black, it is almost always an improvement to deck consistency and strength to be able to search out those key pieces. (Noteworthy mention goes to the new kid on the block... Diabolic Revelations) Also, some additional card draw would be good. There are decent options in each color, so again whatever you like best. Mogg Infestation is awesome, but it would probably be good to add in a couple extra black board wipes, there are some really good options. Cards that I think could come out would be things like Brightstone Ritual, Songs of the Damned, Braid of Fire, Gravepurge, Footbottom Feast, Bone Harvest, Battle Hymn. Most of those cards do not synergize well with Food Chain. You are missing a few of the EDH "Staples" like Sol Ring, Maze of Ith, Solemn Simulacrum, and other mana fixers or mana rocks. I am a big fan of Mana Crypt, as well as Darksteel Ingot. Also... if you are in green, cards like Terrastodon, Krosan Grip, Beast Within and Acidic Slime always help out. Defense of the Heart is really strong too. If your group allows it, Exsanguinate is stupid good for multiplayer. When in black, a decent option if it is within your budget is always Urborg, Tomb of Yawgmoth + Cabal Coffers, and Vesuva. (Those are really strong with tutors in deck)
I may do so once I test it out. I have another White Blue deck together that utilizes 4 Sejiri's + 4 Glacials + 4 Kabira's + a few Halimar Depths... and it works pretty well. Another thing that could be funny if I can find it... I think I have a buried "Day of Dragons" somewhere in my collection that would be a silly endgame drop for this deck. Although, once the "Aerie" does its thing, there should be no need to shrink the well-feathered birds down into small dragons.?.?!? One thought I had looking at the deck just now is that it may have trouble against some of my faster decks (Black Red discard, Red Goblins, Red All-in, Black Vampire Nocturnis stompy, to name a few)... The Rest for the Weary is a step in the right direction, but this deck does have 31 CMC 2 drops... I could turn a few of those into 1's and 3's to round out the curve a bit better.
http://www.mtgvault.com/ViewDeck.aspx?DeckID=377142 <-- Mine for the same Challenge. That would be a ton of fun. BoP only deck-night... a non-combat damage win = a loss. People would come up with some crazy.
Nice, looks well put together and like it would be a lot of fun to play. Just a few thoughts, if you have the dual lands for the deck you may also have Force of Will which would probably improve the deck. There are 13 blue cards main deck and you could side in more. Also, dolls that fly would probably be a good consideration. Levitation or Akroma's Memorial come to mind.