So for starters, it will depend on what your LGS runs for FNM, but the deck as currently constructed is legacy, meaning it wouldn't be legal to play in a standard FNM (which is the most common format). That being said, I think the only card that makes it not legal in modern is Library of Leng which, if you're dying for that effect, could easily be replaced with Reliquary Tower or one of a bunch of other cards.
Now, for whether the deck will be good or not, that's a whole different matter. I won't even begin to claim I'm an expert on modern as a format, the archetypes that see play, or anything of that sort. As such, I'll defer to modern players on that front; however, I can say that you'll want to cut the number of cards down to 60, run dual lands when possible (Breeding Pool, Hinterland Harbor, even Temple of Mystery or Nykthos, Shrine to Nyx - they're much more affordable than getting the relevant fetches), and try to up the counts of the REALLY important cards to 3-4.
I hope this much helps, I'll leave the rest to the modern players to fill in the gaps.