I have a pretty good deck that uses
Master Transmuter 
. I think she works very well with "enters the battlefield" type effects. Here's what I would change:
Cut the aggro, or go all in aggro -- but that would mean cutting most everything else.
- 4x court homunculus
- 4x glaze fiend
Add more cards like Master Transmuter.
+ 3-4x
Esperzoa 
I actually use 4x Esperzoa and 3x Master Transmuter just because the jellyfish comes out quicker and has a bigger body. That said, Master Transmuter is golden late game.
I would strongly suggest adding a package of cards to get stuff into your hand so that Master Transmuter has something to transmute into. Add any number of the following (along with baleful strix -- which I've not used but I imagine is nuts in this deck).
+
faerie mechanist 
+
Sphinx Summoner 
These are good because their abilities are ETB effects which you can exploit repeatedly with Master Transmuter (and Esperzoa). Some people really like the following as well:
trinket mage 
treasure mage 
thoughtcast 
thirst for knowledge 
I think you can cut the lands down to 24. I wouldn't use artifact lands unless your play-group is ok with it. Atleast one
Academy Ruins 
is nice to have. I would also make the following changes/additions; although, these are really just personal preference:
-
Sen Triplets 
+
Sharuum the Hegemon 
She's bigger, gets stuff out of the graveyard and her ability is ETB which is easy to exploit with the Transmuter.
-
esper battlemage 
+
ethersworn shieldmage 
Again, I would go with the ETB ability over the tap ability -- she's fantastic with esperzoa.
Consider these:
solemn simulacrum 
spellskite 
scarecrone 
duplicant 
Also, if you don't already know this, you can actually cast
tidehollow sculler 
, then while its ability is on the stack, use the transmuter's ability to replay it which allows you to exile two cards from your opponents hand. One of those is exiled permanently.
