So, I recently got a copy of the old Magi-Nation strategy guide, and the section on underneath mentioned a strategy that used Gruk's undream power to play a vulbor, make your opponent discard using the vulbor's power, and return it to your hand so you can do it again next turn. I have a friend who rather likes doing bounce-shenanigans in Magic: The Gathering, so making a bounce-based MND deck sounds like a fun way to get him to play. This is the basic framework I've been considering.
Magi
Gruk is the only necessity, and she'd be the second magi. The first magi should have a pretty good draw effect, and the last magi should be a high-energy aggro magi, preferably with either mushroom hyren or alaban as a starter.
Creatures.
Alaban and mushroom hyren, as secondary sources of bounce.
Vulbor is the original basis of the deck. Additionally, other creatures with good powers that you want to use multiple times per turn would work. This choice'd probably be informed by what other magi you chose. See about some coll 0-energy powers - all the easier to pull off multiple times with...
Rala. Rala will let you use powers on creatures twice before bouncing them, assuming you have the energy to do that. The downside to Rala's ability is then completely negated by the undreaming .Plus, you can dreamwarp his cost down, so even if he's played out-of-region, you're not paying overmuch
Arbolls, arbolits, crystal arbolls, etc. These give you good sources of energy for the creatures you want to bounce, and help provide a measure of defense.
Ormagon. Defense. And, hey, you get enough energy on it, Devastate TWICE! Ignore how pointless that'd be...
Spells
Updraft. Again, extra bounce.
Fire Flow and Flame control, so you can pull off crazy combos more often.
A few energy-gain spells, again informed by the choice of Magi. They should be able to add energy to either the magi or a creature, though - more versatile that way.
Relics
Warrior's boots - With these, I can see vulbor-shocking someone up to four times being a possibility. And that's only if Rala doesn't stack! Looks like it does, though, so hey, vulbor shock eight times! Fun!
Gloves of Crystal - This will keep your power-critters alive so they can be undreamed.
Water of life - I think this is obvious
I wouldn't want too many more relics, but a few based on the non-gruk magi may be in order.
I'm just geeking out about Rala + Rala + Rala + tons of energy + warrior's boots + Creature with cool effect + Undream. I love multi-piece combos.
Thoughts?

