Well, Kevin, I'd say you're off to a fine start.  The deck strategy is good, but your deck doesn't seemed focused enough on it.  The concept, as you put it, is to use burn and counterspells to negate everything your opponent does, while your Izzet tools let you maximize the effectiveness of these spells.  For this type of deck to succeed, you need lots of instants and sorceries (by the way, interrupts are now considered instants).  You have quite a few unnecessary creatures, and your choice of instants and sorceries could probably be better.

 

For your creatures: drop all of them except Izzet Guildmage, Djinn Illuminatus, Uyo, and Ryusei.  Add in four Izzet Chronarch.  These guys are probably the best Izzet card there is, getting you back a burn spell or a counter.

 

Now, for your instants and sorceries.  You really want plenty of cheap spells that do a lot for their mana cost, because you want to play plenty of them.  Also, Izzet Guildmage can only copy spells that cost 2 or less, and Djinn Illuminatus can't give you more copies than you have mana to pay for them.  Washout, Reins of Power, Rack and Ruin, Carbonize, and Final Fortune just aren't good enough.  They can't be copied by Izzet Guildmage, and they don't really do enough for their cost.  Pulling them gives you a total of 12 free slots (plus all the creatures we pulled), so what can you put in their place?  Four Shock (the ultimate spell to copy with Djinn Illuminatus), four Peel from Reality (combos with Izzet Chronarch to keep your opponent from keeping a creature out), two Twincast (to copy your opponent's spells), and two Sleight of Hand (to help you draw more spells to play).

 

That ought to do it-- with that many burn, bounce, and counterspells, plus plenty of ways to copy them and bring them back from the graveyard, you should have no problems.  Good luck!