I have a very similar Myr infinite combo deck. I've used it at a couple of FNMs and it has done quite well. A couple of suggestions, go red/black, you have fireball, comet storm, and Exsanguinate. Just gives a couple more ways to kill somebody. Splinter Twin is really nice to throw in, adds another way to kill someone :). Diabolic tutor lets you find cards that you need to finish the combo. I'll try to get a list up
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The idea is nice, I'm just not quite seeing how well that would work with so little mana. I see the Fauna Shaman to search for a creature, if that is the case to get the creature to the graveyard, why not run 4 shamans? Maybe I'm just totally missing it.
Here is a link to my white lifegain deck http://www.mtgvault.com/ViewDeck.aspx?DeckID=88816
A couple other cards that you could look at adding are AJani's Pridemate -> 2/2 and gets a +1/+1 counter each time you gain life. That plus Soul Warden (same as Soul's Attendant) and Ajani's Mantra -> gain 1 life on your upkeep.
This turn set up will not work. Need a blue for ponder. Red for breath, and two black for the coil. So for a turn 4 has to have 2 swamps out. But this works: T1: Mountain T2: Swamp-> Spawning Breath T3: Swamp-> Bazaar Trader T4: Sac token to play coil, move it, then Bojuka Bog
I think that a good addition if your having your deck base around your Phylactery Lich is to add in some Basalisk Collars and then equip them to the Lichs. Lifelink, Deathtouch, and indestructable!!!! ZOMG!!11 Had a friend make a similar deck and it a pain to play against.
Here is a link to my burn deck http://www.mtgvault.com/ViewDeck.aspx?DeckID=88805
I run a red burn deck that is similar to yours. A few suggestions to add in with the Fling combo. Ball Lightnings- 3 red 6/1 with trample creature (M10). Elemental Appeal-4 red sorcery that summons a 7/1 with trample (Zendikar). And finally something to add with Fling that will irritate your opponents, Act of Treason (M11). Take control of their creature, attack with it, then sac it and fling it at them :D. And what Jiggs said, add Teremorphic expanse and the other one, cant remember name. Adds a counter to Zektars :D