Here are a few relatively cheap cards that it seems like might improve your deck without changing the deck's theme too much along with some reasoning behind each choice. It seems like you'll be sacrificing a lot of creatures in this deck. I would add Hissing Iguanar (deal 1 damage to target creature or player whenever a creature you control dies) and Vicious Shadows (whenever any creature dies you may have it deal damage to target player equal to the number of creatures in their hands). A few other cards that might be useful: Chancellor of The Forge: It costs 7 for a 5-5 and you can put a 1-1 goblin creature into play for each creature you control. Insurrection: 7 mana to gain control of all the creatures in play, untap them, and give them haste for a turn. I feel like it should be in any red EDH deck because it can turn a close or even a near hopeless game into a victory. Last-Ditch Effort-1 red, sacrifice X creatures to deal X damage to target creature or player, (its really good when combined with Hissing Iguanar, Vicious Shadows and/or Bogart Shenanigans because you can easily deal 4-7 damage per sacrificed creature) Darksteel plate, Champion's Helm, Swiftfoot boots to protect the commander/other important creatures. I'm building a similar deck, and I think your deck gave me some really good ideas. Thanks and I look forward to seeing the finished product.
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I would switch in Krenko, Mob Boss as the commander. This is mostly a goblin deck anyway and the ability to double the amount of goblins you have in play every turn is really powerful, especially when used with Confusion in the ranks, pandemonium and warstorm surge (along with other things that I'm sure you could find. Cheers to an interesting deck.
I have a similar deck and absolutely love it. I think a Colfenor's Plans would be fun in this deck. If you play it right, it essentially allows you to draw 7 cards, keep it until none of the cards are of any use, then give it to an opponent and prevents their draw step. Another potential fun addition would be Undying Whispers. That way when you gain control of an opponents creatures and sacrifice them, they will come back into play under your control at the end of turn (if you're playing one on one) if you are playing one on one.
I would add rush of blood instead of uncanny speed because you seem to want to use a rush of blood/uncanny speed and fling combo on the demon that the priest creates. You keep talking about the surprise factor of the demon. It seems like this would be difficult to pull off. The priests ability to create a demon depends on the death of another creature. Considering when you have torpor orb in play you have no way to sac any creatures (the only creature you would be able to sac would be Vexing Devil anyway) and you have no cheap kill spells ( I don't count tragic slip because most often it will also need the morbid trigger), a creature is unlikely to die before your combat step. Thus, the surprise factor is lost because you will have to wait until the following turn to attack with the demon anyway so it might as well be with a rush of blood. The one turn take out will likely also be a surprise of its own. By the way, I love this deck and I'm probably going to make something similar-ish to it. I'd ask you to look at a deck of mine, but I've only posted one deck and I misread the card I built it around. Anywho, I look forward to seeing what you come up with next.
By playing terramorphic expanse it ensures that you have a better chance of drawing lands at the beginning of the game when you want them most, while ensuring that you have a lower chance of drawing lands later in the game. Because when you play terramorphic expanse you get rid of two lands in your library instead of just one. Also is the leveling ability good? I only started playing the game during the Innistrad block so I've never actually played with a leveling creature, but Student of Warfare just doesn't sound that good. It seems like 8 for a 4/4 double strike
If your goal is to gain huge amounts of life from ivory tower, I think blue would better suit your needs than red. In addition to better card draw than red and better mill, it has paradox haze, which will give you a second upkeep (allowing you to gain twice as much life per turn as you would with just one ivory tower). I would also suggest getting rid of demonic tutor. I haven't play tested the deck, but I feel like it is unlikely that you will get your single copy of demonic tutor at the same time you have 1 of your 2 isocron scepters in your hand. This is an interesting deck idea though.
If you want to use the ability that triggers upon Child of Alara's death, it can't be your commander because when your commander dies it goes back into the commander zone instead of the graveyard. Admittedly I don't know much about making EDH decks (particularly 5 colored decks), but Progenitus seems like an expensive general because you don't have much mana ramp. I would recommend getting a new general and just putting your two potential generals into the deck. If you want a 5 colored deck I might suggest Maelstrom Archangel or Cromat.
I feel like Homura, Human Ascendant and Dense Canopy work against each other because Homura gives your creatures flying while dense canopy makes flying bad. I would recommend trading one of these cards out for Ishao so you can regenerate a fallen samurai or Battlemad Ronin because its a solid attacker for 2.
I think you might want to splash blue in this deck. That way if you had trouble getting a stuffy doll you could play fabricate to search your deck for one. Also you would might want counter spells to either prevent opponents from removing stuffy doll from the game (or even worse removing all of your stuffy dolls from the game).
If you are looking to get rid of some cards, I would get rid of Merfolk Sovereign and Vodalian Mystic. I don't know why you would really need to change the color is lands or your spells, particular during your turn. Also I would swap Merfolk of the Pearl Trident for Merfolk Spy. They both cost only 1 island, but Merfolk Spy has Islandwalk and when it deals combat damage to an opponent, you get to draw a card.
This deck looks awesome (along with infuriating to play against). My only suggestion is to swap either act of aggression or traitorous blood for Mark of Mutiny. Mark of Mutiny costs the same as traitorous blood except it gives the creature a +1/+1 counter (great for fling).
This looks like a solid deck. Right now I'm trying to put together a similar deck. The deck seems great on the offensive, but how does it handle defense? You only have 4 creatures capable of blocking (Flamekin Harbinger). Is the deck so fast that you don't really need to worry about blocking?
This is a great deck. I'm working on a similar phasing deck. Just so you know though, phasing does not trigger entering or leaving play events. So phasing T.S. does not allow you to draw a card.
This is a good deck. The Urza trio would be good for dealing with winter orb. I made a similar deck but use artifact lands in tandem with Unwinding Clock (untap your artifacts during opponents untap step.)