No, it's not okay. If you're going to try this against competetive tournament-caliber decks, you should get smashed by literally everything.
Problem #1: If you take this to a tournament, you will lose every game by default, because Enlightened Tutor and Mystical Tutor are restricted. ;D So, the first change:
-1 Enlightened Tutor, -3 Mystical Tutor.Problem #2: No good deck can't break out of a Scepter-Chant lock, given enough time - and you give the opponent a LOT of time, this is a very slow deck. I would drop all the Chants entirely, and drop to only one or two Scepters - they're slow, fragile, and you don't have most of the best cards to imprint ([card]Fire/Ice[/card] specifically). Chant is just plain weak in a control deck (which this plainly is).
-2 Chant, -2 ScepterProblem #3: You don't have [card]Balance[/card]. It's like a $3 card (reprinted all the way up through fourth edition!) and it's the most powerful white card ever made. Run it, without question.
+1 BalanceProblem #4: Brain Freeze. Why? "Milling" cards does nothing to help you win the game unless you actually mill their entire deck. If you Freeze them for 20-30 cards but kill with Morphling anyway, you've wasted a LOT of time doing what amounts to nothing (and you may have even helped them draw [card]Squee, Goblin Nabob[/card]s, or achieve Threshold, or cast a game-ending [card]Yawgmoths Will[/card], or pump [card]Psychatog[/card] even more). Brain Freeze needs to go.
-3 Brain FreezeProblem #5: Boomerang just isn't good. It's horrible trash unless you get it on a Scepter, and it's not very good even then.
-2 BoomerangProblem #6: You have only 21 mana sources. While this is fine for a very aggressive deck, your style of deck wants all the mana it can muster, for Morphling, Decree, Cunning Wish, and the occasional Scepter. We need to increase this to something like 24-26 mana sources.
Also, Coastal Tower is far too slow. These should be fetchlands ([card]Flooded Strand[/card]). They are sort of pricey ($6 each, maybe?) but a) they're incredibly good, and b) they're useful in all sorts of decks, and will continue to be so for the foreseeable future.
Third, you don't have nearly enough sources of blue mana to support Counterspells & co.
-4 Coastal Tower, +4 Flooded Strand, -2 Plains, +5 Island. [card]Adarkar Wastes[/card] may also be of use over some of the basic lands, but that's less obvious, and something you'll have to figure out for yourself.
Problem #7: Consistency. Your deck is trying to do many, many things at once, and sometimes you'll draw the wrong cards at the wrong times.
+4 [card]Brainstorm[/card], which is also a nice card to Scepter up, and becomes one of the best draw engines in the game when paired with Flooded Strands (put your least-desireable cards on top, then shuffle them away).
Problem #8: Copy Artifact sucks when you only have one artifact to Copy (and should have even less after this).
-2 Copy ArtifactLastly, you'll want to add another Swords to Plowshares maindeck (I would add two more, but you need one to Wish for).
+1 Swords to PlowsharesSo, all told, here's what we have:
Mana Producers (24)
6x Plains 4x Tundra
9x Island
4x Flooded Strand1x Sol Ring
Instants(3)
0x Boomerang
3x Sword to Plowshares
0x Orim's Chant Artifacts(2)
2x Isochron Scepter Draw(13)
1x Enlightened Tutor 3x Impulse
4x Brainstorm4x Cunning Wish
1x Mystical Tutor Counters(8)
4x Counterspell
4x Force Of Wills
Win Condition(3)
3x Morphling/DoJ
0x Brain FreezeSo now we're up to 53 cards. We need some card advantage, and badly, or you'll lose to everything under the sun. Let's add a [card]Future Sight[/card], a [card]Fact or Fiction[/card], and, for kicks, the [card]Accumulated Knowledge[/card] engine:
+1 Future Sight
+1 Fact or Fiction
+4 Accumulated KnowledgeAnd the final slot can be left to personal preference. Personally, I'm fond of [card]Zuran Orb[/card] and maybe a [card]Nevinyrrals Disk[/card] (good targets for Enlightened Tutor). In fact, if you don't fill this slot with a utility artifact or enchantment, you should cut Enlightened Tutor entirely. Other good choices include:
[card]Humility[/card], maybe two of them (dropping probably an Wish, because it's expensive to add 2U to the cost of something when you need it RIGHT NOW). This would preclude Morphlings, but with a Humility in play, Decree of Justice becomes INSANELY good. You could also run one Humility and one [card]Orims Prayer[/card] (or [card]Caltrops[/card]) for a total creature-lock.
[card]Intuition[/card], which fetches Accumulated Knowledges very well.
[card]Stifle[/card], which is just generally good.
[card]Mishras Factory[/card], though this would lead you into Landstill territory.
Speaking of which, you should check out the Landstill archetype, an example of which can be found
here. If you don't have Volcanic Islands, a U/W version could still be quite strong.
