If you are depending on red spells for the Steam Kin don't you think a mono R shell the best instead of Izzet?
....unless you can find a beneficial card for your combo in U that is. If not I'm sure you want to draw a red spell every time. Be nice if you could burn them out of 20 in one turn. It's possible with some Lightnings.
Most the Izzet Spells would have red in them, like
Goblin Electromancer and
League Guildmage. I really haven't tried to pit it together yet, but I was figuring I would use a few U spells deck manipulation, but depends how it runs. May just go Agro and have the combo as an added bonus.....which would play well to Boros as well.
At this point, just an idea. I just think that they two cards work well together, and they are passable on their own. Most likely will crash and burn, but want to give it a try.