I personally feel like there's the potential for a pretty solid deck in here. Red and black have everything a Madness deck needs - discard outlets and powerful Madness cards. Insolent Neonate and Olivia's Dragoon as early pressure and discard outlets. Reckless Wurm and Gurmag Angler as lategame fatties that can close out the game. Some recursion, a lot of removal, and four copies of two of the best hand sculpting gards in the game.
One thing I've found during playtesting is that pitching two cards to Faithless Looting and Cathartic Reunion can be very painful at times. Faithless Looting makes it somewhat less difficult due to its flashback, but in general it really makes me wish for a Tormenting Voice that only cost one mana. Maybe I should test a few of those regardless.