There is no one way to run this guy. He's a tough cookie on his own, seemingly meant to exist in the front rank. But his supporting cast is excellent, so he could easily do cavalry. There's also the possibility of sniping with some multi-wounding fighter weapon and Viper whip.
You look like you're running closer to a defensive cav set-up, so let's work towards that.
-2 Ax of Fury: crap card. Much better weapons. And anyways, just because these wizzies CAN equip fighter weapons doesn't mean they HAVE to.

-1 Teuf Mask: Zultan isn't going to the front in a Cav deck style.
-2 Necklace of Spell Storing: I'm iffy on this card - the check is an 11 for Zultan. Let's take it out to make room for movement.
+3 Phantom Steed: Movement, prime ditch card if not needed.
+1 Bracers of Deflection: best Wizard defensive item.
+1 Camel: Ring of Vorn synergy
-3 Ac'Vuk
-3 Mudflek: we're a cav deck now!
+3 Judge Aaecus: good multi wounder, high ATK.
+1 Dar'rak: Hero. Epic. Pwnage.
+2 Pelanth: ATK bonus and healing.