Thought Scour works wonders, Arbor Elf combined with Chronic Flooding is potentially hilarious. Gnaw to the Bone is only really sideboard material against aggro. You'll also need to sideboard a million ways of stopping graveyard hate, so 4 copies of Negate is a must. I'd also consider putting in a few more lands as 20 will only let you hit your first 3 land drops on average. It could take another 6 turns before you can play Cagebreakers, turning it into a dead draw. I'd swap Wreath of Geists for Rancor too.
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Because suspended cards are exiled while suspended.
Well, Relentless Rats doesn't specify a format so I don't see why not.
No Thunderous Wrath?
You're better off with basic land instead of guild gates in fast decks like this. The mana fixing isn't really worth it. I'd put in a 4th Hellrider too. Maybe take some of the Bloodthrones out and mainboard some Brimstone Volleys.
The problem is always going to be board sweepers. Supreme Verdict and Terminus are ridiculous and would shut down a deck like this.
Why is Hound of Griselbrand devastating with Ulvenwald Tracker? Double Strike only applies in combat, not in a fight between creatures.
After a couple of test games I can't see how this deck could beat my flicker control deck. http://www.mtgvault.com/ViewDeck.aspx?DeckID=401942
Flickering Thragtusks, eh? A nifty little deck I've come up with can eat this alive, just see for yourself. http://www.mtgvault.com/ViewDeck.aspx?DeckID=401942
Ground Seal wouldn't prevent Tormod's Crypt from emptying your graveyard as it doesn't target the creatures. It does, however, target you. Witchbane Orb would prevent him from targeting you with the Crypt as far as I'm aware, which means he can't touch your graveyard unless he has something like Rest in Peace.
I urge you to look a deck I made a while ago along these lines. Cash value is only 1/50th of your deck but after testing the two decks against each other a bunch of times mine always comes out on top. http://www.mtgvault.com/ViewDeck.aspx?DeckID=367184 Trackers Instinct and Thought Scour are so good with Splinterfright that it's hard to really understate it as not only do they mill but they also draw to keep your hand filled. Potentially you can go: t1 - Thought Scour, 2 creatures milled t2 - Trackers Instinct, 3 creatures milled t3 - 5/5 Splinterfright t4 - Splinterfright mills 2 creatures, play 3 Ghoultrees for G and Thought Scour with your last U, potentially swing for 9 then have 39+ damage to swing with on turn 5. Try it out on a deck testing site, I think you might like it.
Before being sarcastic you should probably take the non-standard cards out of your "tournament" deck, because at present you wouldn't be allowed to play. I'm also curious as to why you think a handful of 1/2 tokens are worth spending $110 on shocklands when you should be digging through your library for your Splinterfrights and Ghoultrees with Trackers Instinct instead.
Decks like this seem like a good idea until you die to everyone who looks at you before turn 6. Also, no Thought Scours? No Tracker's Instincts? You're gonna NEED these unless you want to die before your Wurms are 2/2. A set of Fog Banks to hide behind while you gather steam wouldn't go amiss either. And Arbor Elf doesn't fit in your mana curve at all because you can't play Splinterfright on turn 2. Unless you WANT it to instantly die, that is. To call this tournament quality is an insult to tournaments, especially since a single Tormod's Crypt is gg.
I'd disagree with Mutilate as with this deck you never really need to clear the board; it wins fast enough for it to not really be an issue. It's too defensive a card for a deck that's nothing but fast damage.
This deck hurts. Really, really badly.
You call THAT a deck?
Harvest Pyyyrreeeee.
Gravecrawler in a deck that only has 1 other zombie seems iffy. You could try going heavier on the zombies and using Ghoulcaller's Chant to bring 2 back to your hand at once.