Nice idea I like it.
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If you replace the Mages with Goblin Tunnelers for dealing with blockers, I could definitely see dropping Wrap in Flames for something else.
I am trying to avoid cards that are about to drop out of rotation, and Lightning Bolt is 2011 only (I think). The closest 2012 spell seems to be Shock, which I replaced with Forked Bolt. I use Fireball and Wrap in Flames as late-game finishers. Fireball is good for when your Fiends are in the graveyard, and Wrap in Flames can clear the way to an opponent to finish him off (or draw cards with Spellblades.)