It depends on how versatile you want it to be, if you are going Extended or Type 1, and how creative you want to be with the card selections.
I fooled around with counter versions but they weren't that great (I'm not good with counter protection for combos). I found that my versions were stronger by going the straight combo route. Here is what I discovered using few (2-4) to zero counters.
Straight combo route:
You'll probably end up using 4x of each of Eq. and Aluren. With my setup (strong card drawing) 3 Equilibrium and 4 Aluren was the best set up. I used cards like Raven Familiar, Wall of Blossoms and Impulse to rip through the deck.
Raven Familiar was one of 'those' cards in this deck. Playing it was always huge, giving me my choice of the next 3 cards in the deck. Deciding whether or not to pay the echo was a little more difficult, it depended on whether or not I could easily bounce it back to my hand to continue to search for the combo. With aluren out and another creature in hand it almost ensured was getting my combo pieces right then (I could dig about 9-15 cards into the deck and have it back in my hand for next turn). Definitely needs to be tried out.
City of Solitude was in the sideboard but it could be maindeck worthy. It strongly protects the combo, preventing your creatures from being countered (aluren reduces their CC to zero), and preventing you creatures from dying to instants and fast effects.
Merfolk looter was good in the '4 of everything' version of the deck. Intuition is OK, but putting the other 2 Eq. or Alurens in the graveyard turns the 1 in play into an attractive target.
For mana, try BoP, Mox Diamonds, Dual lands of course, city of Brass, and maybe Gemstone Mines with the new Lairs. AND FASTBOND, play fastbond.
Control version
Guilded Drake becomes BROKEN in multiplayer games, stealing everyone elses creatures is so much fun
. Shrieking Mogg is very sneaky too (hey he is good for something).
Also, kicker works with Aluren - So all the Battlemages work wonderfully and Kavu Titan is a 5/5 trampler for 2G.
Incorporating black is also fun. You can use Bone Shredders, Ravenous Rats and Molten Harpy's
Hope I gave you some good ideas.
