1) Control decks usually splash black for Yawgmoth's Will and tutors, but that hurts the mana base.
True and true. I omitted the former because of the latter.
2) I'd discard Feldon's Cane and Ivory Tower, and use Ivory Mask if you're really scared of burn.
Feldon's Cane is absolutely vital. Between the Land Tax, Tome, Library, Ancestral, and Braingeyser I can often be drawing cards just as fast (if not faster!) than I'm milling them. I'd have to worry about decking myself a significant amount of the time without it. As for the Tower it's not there just for burn, 30 (or more) extra life is just as great against just about any deck.
3) I'd use 4 Fact or Fiction over the Tome, a Millstone, Braingeyser and a Land Tax (heck, this isn't a deck that wants to stop playing land) or a Wrath.
Land Tax counters almost any land destruction strategy, combines fantastically with Ivory Tower, Library of Alexandria, and Zuran Orb, thins the deck, and is much more efficient than Fact or Fiction as far as the ratio of cards drawn versus mana paid (one mana paid once for up to three extra draws per upkeep).
Also, you must realize that Braingeyser not only draws me cards, but is just as often used as a win condition in this deck. Once the other player is within range due to milling, a Mana Drain-fed Geyser for 15-20 will end the game in a hurry.
4) I think 4 Millstone is too much. I might consider adding Humility and Kjeldoran Outpost for a bit of fun, and even add Trade Routes to protect it. Of course, there's Moat, but you can try Sacred Mesa.
I'm going for a "pure" Millstone deck. No creatures or damage sources. That's the theme. Four Stones generally insures I start milling early and can survive the loss of several over the coarse of the game.
5) I'd consider Thawing Glaciers and seriously add Wasteland.
Land Tax is much, much better than Glaciers in this deck. I'm way ahead of you on Wasteland, though. That would be sideboarded.
6) Relearn is worth exploring, especially if you add Fact or Fiction (or Stroke of Genius). Merchant Scroll also becomes fun.
True, but I don't think I need either one.
7) If this is casual, I'd add Jester's Cap for the random Gaea's Blessing.
Thought of that, too. The Cap is another obvious sideboard option.
"Do you think, by the way, that Grindstone is better?"
Nah. Only against mono-colored decks, which are increasingly rare these days. I've found that the higher activation cost usually doesn't quite warrant the unlikely event of nailing more than two cards at a time. I'd rather activate two Stones for only one more mana.
"It kinda looks like The Deck"
Hehe. Most old-school blue/white control decks do, with the Moat and Mana Drains and such.

Those were just the best control cards of the time. Key differences are that it doesn't splash black, red, or green. Also, the discard element of the Mind Twist/Amnesia and Disrupting Scepters is left out in favor of more anti-creature stuff like Balance and Wrath. I'd still sideboard the Scepters, though.