I decided to nix the Fraying Sanity because it's not super viable, and then decided Sphinx's Tutelage wasn't totally necessary since the deck isn't super heavy on draw power. I'm looking to see what I can do to smooth out the mana curve, and I decided to drop out 2 Ruin Rats to throw in 2 Typhoid Rats that I found since they're cheaper and do almost exactly the same thing. I also think I'll drop down to just 1 Jace, Memory Adept and throw in a couple Grafdigger's Cages in sideboard to keep any kind of graveyard play from ruining me.
Another thing I decided to do is to drop in more denial with Cancels and Essence Scatters and some more removal with a couple Walk the Planks. Walk the Plank will obviously be nearly useless in the event of Merfolk, but it's pretty good for what it is. I also dropped out the Watery Graves and 1 Sunken Ruins to add in 3 Sunken Hollows. I always prefer lands that check over lands that shock, but I'll get those Watery Graves should worst come to worst.
These are the main updates I've decided upon. I will also list the cards I have acquired through trades and not through raw money to keep a little track of what's happened, and will create a new "Update" post each time I get a new card without paying for it.
4 Glimpse the Unthinkable (1 IMA, 3 RAV), 1 Mind Funeral (ARB), 2 Sunken Hollow (BFZ), 1 Jace, Memory Adept (M13)