I just built a Shinobi deck that abuses the whole "When this card flips face up in the Arena"

Line-up
1st: Wind Shinobi
2nd: Ice Shinobi
3rd: Earth Shinobi
4th: Mist Shinobi

5th: Risho, Earthen Master x3

Set-up
x1 Decoy

Events
x1 Burst Of Power
x1 I'm Callin' You Out
x1 Substitute
x1 Grudge Match
x1 Human's World's Protectors
x1 Dark Artifacts
x1 Surprised?
x1 Team Masho's Overwhelming Power
x1 Test Of Endurance
x1 Challenge of Wills
x1 Recuperation
x1 Signature Moves
x2 Faces of Sensui
x2 Stand Off
x2 Flashback
x2 Bui's Fighting Stance
x3 Uncontrollable Power
x3 Domination
x3 All For One and One For All
x3 Genkai's Healing

Items
x3 Make-up
x3 Switchblade
x3 Sakyo's Lighter
x3 Colorful Weapons
x3 Shoe
x3 Bicycle
x1 Captured Souls

Techniques
x3 Demon Spiral
x3 Demonic Absorption Wall
x3 Sphere of Protection
x3 Lightning Absorbtion
x3 Acid Splash

Plz Rate this deck before I make it. (I don't have Laters or Halt!, so sue me.)

I havent really looked at the whole deck but i think you may want to play Earth Shinobi, Shrouded Leader and Binding Shinobi, Incapitation Master
As for your fifth play Suzaku because he goes out there quickly ang gives you some draw power

Rurimaru Stones. Add three of them. They're easily the best "when this card flips" item in the set. I also think that Masho is just about the only deck right now that could get away with Bui's Fighting Stance. Which Earth Shinobi are you using, the original from Dark Tournament, or the new one from Betrayal? The Ice Shinobi is also kinda weak, so you might want to move Risho into his slot and Binding Shinobi, Incapacitation Master 5th.

Well, the Reason I'm using the Earth Shinobi from Dark Tournament was becuase of what it can do. I use it's Earthquake effect, do damage to my opponent's fighter, switch him out to another character with a "when this card flips" effect, then switch my fighter again at the end of the turn with the Earth Shinobi effect. The Ice Shinobi also works well with the Earth Shinobi as it siwtches my opponent's fighter, which hopefully has items attached to him/her, allowing me to attack them with Ice Shinobi.