I'd make a couple of subtle changes here. . .
1. I could be mistaken, as I don't have my army book in front of me, but I'm fairly certain that the "First Among Equals" rule only allows you a 25 pt magic banner for your Seaguard; the Banner of Sorcery is 50 pts if I'm not mistaken. So, you'll need to switch that to your Sword Masters if you wanna take it. Either the Standard of Discipline or the Banner of Arcane Protection would be better choices for your Seaguard.
2. I tried using a Lvl 4 with High Magic when 8th ed first came out, because the spells are so easy to cast with a +4 (or more, depending on items). The problem is High Magic is just not offensive enough to offset the cost of the Archmage. So, he will struggle to kill ~400 pts of models only using Wrath of Khaine/Vaul's Unmaking, etc. The Lore of Life, as the guy above mentioned, has Dwellers, which is incredibly offensive, plus some buffs that make your Swordmasters redonkulous. Maybe consider switching the lores between your two mages especially if you are set on Shadows or Metal.
3. I don't agree with taking Eagles over Reavers. Reavers get to shoot. Reavers get standards. Reavers are 5 wounds for a small unit; Eagles are much less.
4. You can't take the Seerstaff and the Silver Wand. They're both Arcane.
Good luck with the army. Always nice to see a fellow Asur.
1. I could be mistaken, as I don't have my army book in front of me, but I'm fairly certain that the "First Among Equals" rule only allows you a 25 pt magic banner for your Seaguard; the Banner of Sorcery is 50 pts if I'm not mistaken. So, you'll need to switch that to your Sword Masters if you wanna take it. Either the Standard of Discipline or the Banner of Arcane Protection would be better choices for your Seaguard.
2. I tried using a Lvl 4 with High Magic when 8th ed first came out, because the spells are so easy to cast with a +4 (or more, depending on items). The problem is High Magic is just not offensive enough to offset the cost of the Archmage. So, he will struggle to kill ~400 pts of models only using Wrath of Khaine/Vaul's Unmaking, etc. The Lore of Life, as the guy above mentioned, has Dwellers, which is incredibly offensive, plus some buffs that make your Swordmasters redonkulous. Maybe consider switching the lores between your two mages especially if you are set on Shadows or Metal.
3. I don't agree with taking Eagles over Reavers. Reavers get to shoot. Reavers get standards. Reavers are 5 wounds for a small unit; Eagles are much less.
4. You can't take the Seerstaff and the Silver Wand. They're both Arcane.
Good luck with the army. Always nice to see a fellow Asur.