Well of Lost Dreams seems like a great card, but I don't think it's quite right for this deck.
The big problem with the Well is gaining
too much life, because you
must pay exactly X mana to draw X cards from gaining X life - there is no "Draw up to..." with this. Minus the Sanctums and Worthy Causes (which both tie up mana needed to activate the Well), this deck gains life in large amounts - and probably won't be able to afford the Well's cost on a reliable basis. Tough to say w/o testing, but that'd be my guess.
An interesting addition would be Sigil of a New Dawn, as it combos all ugly-like with the Causes and Sanctums - but again it ties up mana that I don't know if the deck can afford.
Also, is there any white/green creature that allows you to re-direct damage to you? I know Treacherous Link will do it, but being a black enchant creature doesn't help much here.
Again, it seems as if your deck wants to work as quickly as possible. But if it can afford it, try 2 copies of Krosan Verge in here. They accelerate your land draws - and fetch 2 dual lands. They don't look like the right fit here, but they are worth keeping in mind. I have a lot of experience with this card and they never let me down (though they are at their strongest in W/G/X+ control).
I'm assuming that this deck is more a combo deck than anything and wants to win/inf-life-combo ASAP. If this is the case, then yes the Cloak is better. If it is meant to bide time thru lifegain and be a longterm deck (esp. for MP) then I do feel the Warhammers are the better choice. They are much better in longer games, esp a game with multiple opponents which increase the chances of losing 2-1 on your enchanted creatures.
I'd still consider them, even though they are slower. I know we've debated Cloak vs. Warhammer a lot, and I apologize for bringing it here, but there are certain aspects of how it interacts with your deck specifically that are worth pointing out.
* When your Entity dies (because it will), you'll still have a creature worth attacking with.
* Let's say you have an equipped creature on turn 5. You cast the Entity first main phase, gaining your life and making the Entity bigger during that attack phase
while the Entity is still inactive. Turn 6 you move the Warhammer to the Entity and it is at least a 11+/8+ trampler which might just end the game. On turn 6 with the Cloak, it is a 6/6 trampler, and that is assuming that you didn't cast Cloak on one of your early creatures to make them dangerous threat.
* You are playing W/G with no card draw and you WILL stall. If your opponent picks up a 2-for-1 on your enchanted creature, it will hurt your recouperation process even more. Lets say you are top-decking mid/late game b/c someone WoG'ed - that 1/2 Shaman en-Kor is not going to help you much...but a 4/2 Spirit-linked en-Kor might. In other words, as long you have a Warhammer in play, every creature you draw is a threat. And when you are top-decking, you won't care how much the Warhammer's equip cost is b/c you'll be too busy kissing its' butt
.
I suppose the key difference is this: When the deck is working like its supposed to, you'd prefer the Cloak to help you end it ASAP. When the deck isn't working like its supposed to, you'd much rather have the Warhammer so you're not bringing a knife to a gun fight.
OK, done. Thanks for bearing with me.
But...I can't agree with you about Rancor being better than Bonesplitter b/c of speed reasons; it is a better card b/c it gives the creature trample along with being reusable. It is the trample that makes the power boost so much more effective.
Well, that was much longer than I expected. Hope it helps.