I just felt like making this team...it fit very well in 400 points...

Unique Magneto (Ultimates) - 144
Experienced Cyclops (Ultimates) - 55
Rookie Wolverine (Ultimates) - 52
Veteran Sabretooth (Ultimates) - 76
Uncommon Scarlet Witch (Avengers) - 72
= 399

I was actually surprised at how effective the team looked. It's obviously got Magneto at the center who is a ranged beast.
Cyclops whose cheap and hits for 4 damage with Running Shot on that first click.
Wolverine who can hit for 6 (12 on the second click) with decent attack and with only 6 clicks...3 have Regen!
Sabretooth is much like Wolverine but gets Charge before the Flurry with Blades/Claws/Fangs and can go back to his first click with Regen.
& last but not least...Scarlet Witch sees through everything for the PC.

Every character is so effective it's hard to choose who to bump off first and with a team like this Magneto might just let his minions do his work then come in for the kill with some TK before the Running Shot.

They have keyword bonus and I'd probably put Malice with them since they can afford to take some clix on Wolverine and Sabretooth...it might even be to your advantage.

Looking good, though I'd probably use R AW Quicksilver instead of Wolverine - I think the team would get more mileage out of a Hypersonic harasser than a second Blades/Regeneration piece.
I'd also consider downgrading Scarlet Witch to her Rookie version from Fantastic Forces and use the remaining 38 points on some feats instead.