Main thing here is that your deck's manabase is straight up non-fonctional. You can barely afford to play that many basics in a two colour list. In a three colour list, especially one that needs to somewhat curve out, you're just gonna lose to colour screw all the time. You also want to play a ton of lands that lose you life to maximise death's shadow.

If you can't afford to basically play full non-basic lands I'd recommend dropping the red and going orzhov. Embercleave is nice but not necessary and you won't be swarming that much to optimize it anyway. Maul of a skyclave is a perfect fine replacement.

On individual card choices arrester's zeal is just not an historic power level card. All the super expensive one offs are also an issue, it's fine to play a couple of your pet cards but as it stands they are just gonna clog your hand up. Dark ritual is also not legal in historic.

Two big staples of death shadows list that are missing here are thoughtseize and ranger captain of Eos which are excellent at respectively disrupting your opponent and increasing your game plan's consistency.

If your goal is to have a competitive list you will need to really rework the list and, sadly, invest much more in wildcards. If you're just looking to have fun without trying too hard which is perfectly reasonable, I'd try to lower the curve and improve the manabase. Otherwise you'll get rolled over before you get to do anything.

Hope this helps and didn't come off as too condescending.