He's probably a bigger deterrent than your Wand
While I don't expect to convince anyone of running the Wand or not since you either like it or hate I will argue this point all day. There is no flexibility to
Lightning Elemental at all, its a 4/1 with haste and we both know that what that card wants to be on the field tapped and attacking all day. Its deterrent is only to creatures with 4 power or anything important like a Talrand, simply put this card will not stop a bunch of 2/2s from attacking, it will not stop a bunch of tokens from attacking. Having a 3/3 creature for blocking purposes is more valuable then a 4/1. The Wand also has staying power that the elemental just does not have; you can lose a 3/3 to removal but your opponent still knows that you can make another one and that will still make him decide whether he wants to lose creatures to blockers. Not to mention that the wand can get creatures with flying. If your goal is to use the Elemental as a deterrent you are just doing it wrong.
The Dragonauts are there mainly as three-toughness flying blockers, like I said, but it's not like they have defender; you also have to consider that every removal spell that they attract is one less that'll be pointed at your five-drops and that's important because this build will have trouble winning without those creatures. Ideally I'd like to not play them, but the deck doesn't have anything else that great at three mana or less; I'm not buying Act of Treason, but I've admittedly never tried it here.
I know
act of treason doesn't have a sexy ability at first glance but much like
Reins of Power you can find that the card is more flexible then not. ideally you don't want to be using it on the first creature that hits the board or something vanilla.
As for time warp, I think you see that card as only being useful if you can get some loop going and that's just not the case. Having your
Sphinx of Jwar Isle on the field for example will allow you to net double the damage and possible allow your pingers to get more damage in. If you can cast them back to back or
Reverberate them that could be game. At worst you just draw another card and play another land.