Retouched lands then added Sensei's Top and Brainstorm to increase Jeleva and Melek's abilities. Overmaster and Blanket of Night removed.

Cards to cut:

Blood Moon (need more non basics in your deck)

Magus of the Moon (ditto)

Back to Basics (ditto)

Price of Progress (ditto)

Banefire (X cost could often be 0, which makes it weak for this idea)

Devil's Play (ditto)

Arcane Melee (helps opponents too)

Dual Casting (dependant on having and keeping creatures)

Blanket of Knight (does nothing without Cabal Coffers)

Erayo, Soratami Ascendant (isn't helpful in your deck)

Structural Collapse (terrible card, gives your opponent the choice)

Volcanic Eruption (useless without Blood Moon, has X in cost)

Lightning Bolt (just not powerful enough, use destroy effect instead)

Cards to Add:

Swiftfoot Boots (really want to attack with Jeleva immediately)

Time Warp (extra turns for free seems really powerful)

Capture of Jingzhou (especially with so much ability to copy them)

Temporal Manipulation (and so many different copies available already)

Beacon of Tomorrows (some that get shuffled back in)

Reiterate (Fork with Buyback ? Yes.)

Cast Through Time (far too powerful not to play)

Future Sight (ditto)

Magus of the Future (ditto)

Call to Mind (an instant or sorcery that gets instants & sorceries)

Urza's Rage (better than X spells, even though you can't vary it)

Nivix Guildmage (cycling cards and copying spells seem awesome)

Recurring Insight (lots o' cards)

Other cards to think about:

Stranglehold (You like control. Doesn't get more controlling than this.)