Its different than the normal lists for sure..but I like it! got its own flavour.
Main issue I can see is that if everything starts to go wrong(opponent getting the first turn and gets a few cannons on the archmage or forces you to deal with 2 magic phases instead of one since you will have to choose between shutting down their first or second magic phase) it will be slightly weaker than a list that is just about using the "best" lores of magic and kitting out archmages with ethereal and 4+ ward save. I am not a fan of Standard of Discipline, since High Elves got rather good leadership. Also it might be worth considering to drop the Banner of Sorcery, with only one wizard that will need alot of dice you could manage without it. In that case give the Phoenix Guard Razorbanner, or swap that around with the Banner of Eternal Flame from the Swordmasters.
I'd say the list is fine as it is but thats the options I can think of that still follows the spirit of the army list.