Direct damage is is a valid, and not insanely expensive, approach to Old School magic. With both Lightning Bolt and Chain Lightning legal, players have access to two of the best burn spells ever printed. The restriction is mainly that the future great red creatures, like Jackal Pup and Wildfire Emissary, are still many years away.
One approach is to go the road of Electric Eel Aggro, adding blue to the deck to get access to aggressive creatures like Serendib Efreet and Electric Eel. This also gives the player access to Psionic Blast and Energy Flux. Another approach is to add green, for an Erhnam Burn'em deck, with a higher overall curve, but access to Kird Apes and the Channel/Fireball combo.
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