I really like this concept.  I have been kicking around a deck with Auratouched Mage in it for a while and this post finally helped me put together a list. The only problem I have with this deck is that Drake Familiar and Iridescent Drake both need to have an enchantment in play or in the graveyard or they just sit in your hand.

You really ought to try out some of the cards from Dissension.  It gives this deck Shielding Plax, which cantrips and also allows you to play a few tricks with Simic Guildmage.

My build is U/W to clean up the mana base and to utilize Auratouched Mage:

//Creatures
    4 Academy Researchers
    4 Auratouched Mage
    4 Drake Familiar
    2 Iridescent Drake
    3 Nomad Mythmaker
    4 Simic Guildmage

//Enchantments
    4 Shielding Plax
    4 Flight of Fancy
    4 Mythic Proportions
    1 Infiltrator's Magemark

//Artifacts
    3 Azorius Signet

//Lands
    4 Azorius Chancery
    10 Island
    9 Plains

The mana base is budget.  The two drakes and the mythmaker are there to abuse the CIP enchantments.  Auratouched Mage searches out Mythic Proportions and should you have one in your hand then Academy Researchers makes up for not being able to cast the Proportions.  The Guildmage is there for combat tricks and and targeting tricks.

Great idea on this post!