personally i almost stopped reading the deck list as soon as I saw the 2nd listed card (4x Megrim). Then I saw that the entire deck was composed of extremely bad cards, so I decided I should at least indicate the cards that have no good reason to be played in type-1.
Threats
3x Chains of Mephistopheles - this is a good card in the right deck
4x Megrim - this is card disadvantage and its casting cost is too high for an irrelevant effect in type-1
4x Hypnotic Specter - By the time you get to turn 3, you probably died. Even so, the effect is rather subpar compared to cards with similar casting costs (think here: intuition, tinker, etc). In addition, discarding cards to your opponent may well make him happy, particularly if he plays welders.
1x Grinning Demon -
1x Underworld Dreams - 
Draw/Tutor
1x Time Twister - why? This will kill you just as much as your opponent if you play it with a chains of mephistopheles. I understand that you play it with megrim, but it doesn't change the fact that megrim shouldnt be there and consequently there is no justification for the inclusion of this card in your deck.
1x Wheel and deal -
1x Ancestral Recall - this is doubly good as you can do it on your opponent too when a chains of mephistopheles in in play.
1x Memory Jar - By turn 5, you died. Play only if you can accelerate it quick into play.
1x Wheel of Fortune - debatable. doesn't work with chains of mephistopheles.
1x Vampiric Tutor - what restricted card you need sooooo badly to draw? There is none. Play draw cards instead of tutors if you aim to search for a non-restricted cards.
1x Enlightened Tutor - see vampiric tutor
1x Intuition - 
Please, tell me what you will play this on?
1x Demonic Tutor1x Scroll Rack -
1x Windfall - see wheel of fortune. this is worse.
1x Fact or Fiction - can you play this fast enough?
Control Effects
2x Wrath of God - please tell me: who plays creatures in type-1? Usually your opponent will only play one creature at a time, and that creature will almost invariably cost less than 4 mana.
2x Swords to Plowshares1x Balance2x Arcane Denial -

this is card disadvantage -2. It's almost as bad as having your opponent play a ancestral recall on himself.. Yes it's good IF you have a chains of mephistopheles in play, but even so I am not entirely sure you will want to play this when you have 2 chains of mephistopheles into play, since you WILL HAVE TO DRAW that card, which will result in discarding 2 cards since chains of mephistopheles are cumulative.
2x Vindicate - this is seriously very slow. versatility is nice, but at the cost of speed (tempo). You should have a good reason to play this since its cost is very high.
1x Mind Twist - please give us a good reason to play this? At which turn do you usually play it? How many cards does it makes your opponent discard? Your deck doesnt have enough accelerants to make it matter, resulting in only hoping to play this turn 2+, after which your opponent is likely to have executed a good part of his game plan and totally ignore the mind twist. You see, mind twist is bad if you cant deal with what your opponent has on the board. your deck is simply too slow for that
Misc
1x Zuran Orb - If your deck is good enough, you should use your life as a ressource since you can use 19 of them and it won't affect the game at all. All you have to take care of is not hitting 0. Gaining life is a poor strategy against almost every single deck in vintage. This card is bad against combo because they will kill you before you have any kind of relevant amount of lands into play; it's bad against control because this is card disadvantage; it's bad against aggro because it doesn't deal with your opponent's threat.
1x Time Walk1x Yawgmoth's Will - please tell me, which cards will you play back from your graveyard? All i see is tutors for unrestricted cards.
Mana Sources
1x Black Lotus
1x Sol Ring
1x Mox Sapphire
1x Mox Ruby
1x Mox Jet
1x Mox Pearl
4x Bloodstained Mire
3x Underground Sea
2x Volcanic Island
4x Scrubland - I am amazed to see a t-1 deck that can play this.
1x Plateau -
3x Badlands - 
(