I'd drop the niv mizzets entirely. A cool card but izzet works best in a blitz shell. He's just too slow. If you want an X cost draw spell, Pull from Tomorrow is much better. X damage spells are also not all that great, considering it's gonna take 4 mana to deal 1 damage. Drop the Izzet signets entirely. Try to at least get a playset of Sulfur Falls, and cut the izzet guildgates in favor of more basic lands. It may seem less flexible but you're trying to go fast. Move your electrickery copies to the sideboard. Throw in a couple Baral, Chief of Compliances. Also maybe try to get a couple more counterspells in and bring the number of counterflux and essence backlash down as well, about 2 each. Some good counterspells are Mana Leak, Spell Pierce, Disallow, etc. You also want some cheaper draw spells. Opt is decent for this. Lets you scry and then draw. you could also try Serum Visions. A fun creature to work alongside Gelectrode is Thermo-Alchemist. It's a defender version that only hits players, but can eat some damage and also doesn't die to lightning bolt ;)

I see where you were thinking with this deck, but that idea just won't last in modern. You won't get to pull off the super cool fun stuff because your opponent will have killed you by that time.