Try Prison Term instead of Arrest, a lot better.
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Also try Elvish Spirit Guide to get your glimpse out faster to, same thing as Simian but produces green mana instead of red!
I played against a guy last night who played a deck very similar to this, save he used Tendrils of Agony instead. Might want to look into it cause he took 2nd or 3rd against some stiff competition, but he pissed many of a people of by bombing then before they could even draw :D
Tribal Forcemage I believe is a must for elf decks, even if you are using token production with the hivemaster, because when you morph him you chose the creature type that is effected so you can rail them with insects if you really wanted to. And Priest of Titania are a must for elf decks, Llanowar Elves are nice also (probably my favorite turn one drop for elves). I would also junk the expensive elves like the Guardian and Aberration, they just cost to much verses the gains. And some Elvish champions or some of the other new elves that give elves +1/+1 are great too, I would use them over Coat of Arms due to the fact that Coat of Arms affects your opponents creatures also, where as the champions are only elves and some of the new ones are only your elves. If you want to see some of these cards you can check my elf deck that I play with alot in real life and it averages a turn 3 or 4 kill in 1v1 tourney play. Best of luck to you! http://www.mtgvault.com/ViewDeck.aspx?DeckID=52304
Nice build, how is the speed on it? I always love playing creature type decks that it seems not many people use!
In addition if your looking to run a goblin burn deck check this build I made for my friend that he runs now, it is a monster. http://www.mtgvault.com/ViewDeck.aspx?DeckID=52495
Agreed, red is all about hitting them hard and fast not caring about your life, there is a joke that players who use red decks don't know what the blocking mechanic is because they never do it. It is burn their creatures so yours smash through for damage, or just burn your opponent straight up. I would also go with trimming the fat so to say. Just figure out what you want to keep and get a full play set of those cards to increase your draw chances of them.
Nice build, if you want to make the life gain even more crazy try tossing in some boons reflections