This deck is a go second deck with a lot of tool box cards. Magical Musketeer has been a tier 3 and lower deck due to the sheer amount of power creep in the last decade. Its only strength is the spell/trap handtraps that interact with the opponent by negating cards, destroying face up cards, and banishing cards from grave. Its best matchup in the current format is stun since you can pick off fossil dyna more consistently than they can open judgment. (A testament of how slow a deck needed to be in order for the deck to dominate).
The Fiendsmith support provides the consistency that Musketeer has longed for because you can now search Caspar, Starfire or whatever Musketeer you need. Basically, you are now running 9 copies of Caspar/Starfire and 7 copies of Wild/Doc without taking up the deck space. You could run a similar Small World Package consisting of Ash, Effect Veiler and Nibiru as Small World bridges, but you always had to a) draw no Musketeers and b) needed one of the aforementioned drawn with Small World for the package to be worth it. Fiendsmith works as both a way to get to Starfire/Caspar and as a way to proc them. Its just an efficient searcher for Musketeers. Also, if you are set on Musketeers, Lurrie is searched and dumped to become the second body needed to make Sequentia.
The Fiendsmith combo lets your go first endboard be more than Caspar + Starfire pass, converting into High King Caesar with a Musketeer on board that can't be targeted and a way to revive Unchained Soul of Rage to proc your Musketeer. Prior to Fiendsmith, if you didn't open Caspar or Starfire going first, you were in a bad spot. Going second, if Max got negated, you just passed, now you can convert it into Fiendsmith stuff, making cards like Ash choose between stopping the Musketeer side of the deck pr the Fiendsmith side, requiring 2+ negations minimum to stop the entire combo. Overall, the Fiendsmith engine is a welcome addition and should be run moving forward in every Musketeer deck.
Extra deck is running the Musketeer and Fiendsmith combo. Aside from named cards, the rest is just tool box. High King Caesar is just a good generic card to stop your opponent from playing in ways that Muskets can't stop. You toss in unchained package to get rage + s:p to eat 3 cards.
Access code + Anguish are your flex spots. They aren't required for any combos, but serve to clean up the board during your turn. There are different board breaker links to pick from. The main allure of this pair is that you can link off flamberge and prevent it from reviving with Accesscodes 'cannot respond' clause. But there are a quick a few matchups where this interaction doesn't matter.
Side deck can be tailered to the event you are going to, so this is by no means fixed. Run more s/t removal if your locals is all stun, run more anti Snake-eyes (or whatever is tier 1) cards if you are going to a YCS. Make adjustments to have a better matchup against the most popular decks.
Final Notes:
Runick Fiendsmith Musket is a build I was contemplating but after thorough testing with Runick Muskets in TCG and MD, there are far too many weaknesses to warrant running it with Fiendsmith Musket. You cut Musket S/t to 1 make space for Runick cards, the power cards are (unsurprisingly) more powerful than any of the Runicks, the draw 3 effect of Fountain requires you to draw into Runicks to keep that engine going, and the no BP clause makes the game artifically longer. If Fountain never goes up OR if it goes down, Runick stops working on your opponent's turn. Fiendsmith puts up a lot of damage on board on behalf of the otherwise weak Musketeers, so you can close out games quicker with the non Runick variant. Quicker games, means you grind less in every game, and mitigate the risk of going into time. Also longer games take its toll on you as a player for 9+ round events. Also Ed space is super tight, leaving little room for Runick Fusions.