Yes, Khopesh and the Flooded Vault are looking very cool together.
Honestly I would include Rampaging Dark Young (SoA). (Incredible, but it would fit perfect I think - it always is removed from my decks after playtesting... )
You can search for it with Transformation and after you have used it with Khopesh it returns something else from your discardpile or hand.
I personally would kick out a Yeti and a sleeper awakens...
(do you really expect that there is still much left after you got the khopesh working? For early game The Sleeper Awakens is too expensive. - is there a special effect or situation you want to be prepared to and resolve with this card?) Perhaps The Mage Known as Magnus (TWC) would fit better into the deck - you have got a lot of expensive characters!
This would be my suggestions - not meant as a critic. )

Yes, Khopesh and the Flooded Vault are looking very cool together.
Honestly I would include Rampaging Dark Young (SoA). (Incredible, but it would fit perfect I think - it always is removed from my decks after playtesting... )
You can search for it with Transformation and after you have used it with Khopesh it returns something else from your discardpile or hand.
I personally would kick out a Yeti and a sleeper awakens...
(do you really expect that there is still much left after you got the khopesh working? For early game The Sleeper Awakens is too expensive. - is there a special effect or situation you want to be prepared to and resolve with this card?) Perhaps The Mage Known as Magnus (TWC) would fit better into the deck - you have got a lot of expensive characters!
This would be my suggestions - not meant as a critic. )

No worries! I don't see it as a critique. I am very open to deck changes and Ideas. This list has just been stirring in my head and it is the rough draft if you will. I'm sure there are other cards that I missed to make this a fine tuned machine. I agree for the most part on your analysis of the sleeper awakens. It really is in there for ancient ones to be honest since khopesh can't kill the invulnerable ones. I have the antarctic yeti and called by azathoth to help with that but I guess the sleeper awakens is the backup to my backup. :-) I could potentially see it being replaced by something more efficient. I had abhorrent spore in here at first but deemed it not worthy enough. I could be wrong. I like the magnus idea. He probably should make it into this build. Rampaging dark young I'm still on the fence about cause typically I want to be using my shocking transformations to go get the thing from the shore to lock down the board with him and khopesh. Keep the ideas coming! That's why I posted this list.

[...] the sleeper awakens. It really is in there for ancient ones to be honest since khopesh can't kill the invulnerable ones. I have the antarctic yeti and called by azathoth to help with that but I guess the sleeper awakens is the backup to my backup. :-) I could potentially see it being replaced by something more efficient.

I supposed this usage. Blanking textboxes is a good way I think. I like the idea.

I had abhorrent spore in here at first but deemed it not worthy enough. I could be wrong.

Reusing the by khopesh supported character by clearing the tokens would be good.
Alternatively some recursing effects would be good as well for a) Khopesh itself and b ) some characters perhaps...(Cthonian - Supportdestruction)

I'm thinking about The Stone on the Peak (DD) or Small Ghouls (Core) that can bring back Khopesh with an Transformation + 1 more card. (Flooded Vault) lets you fish for Khopesh + shuffel, so they will not stay on bottom of your deck...drawback chances for Transformation are given
Small Ghouls itself is not that bad at all with 6skill and its icons(TTCC)...

If you like some effects that support the Khopesh or help to shoot some Tough-characters (including the Vulnerable AOs),take a look at Bast's Hunt (TWC) and Dark Contagion (JtUK)(lets you shoot twice with one shot - okay, just with Shub characters Maximizing the usage of your own Toughness might be good, too?!

A cheap character for turn1 -Innsmouth Troublemaker (Core) will do what he promises.
But your bouncing characters are good as well to stall or destroy.

Finally you shout take a look at Cthuloid Spawn (SoM). AOs are history if they dare to commit... (But the story will resolve once.So it needs to survive the struggles and might need a 2nd character, I think...)
A fantastic mind-gaming character that lets your opponent think twice if commiting something or not ;D

Certainly this are too much cards for a efficiant deck. But if you go on evolving this deck idea I would be interrested how it is working and if you keep this list up to date what you finally put into the deck.
I havn't realized a Khopesh based deck by myself until yet, but thinking about it from time to time. Also with shub as 2nd faction.

I've actually built a version of this deck before but it was a little inconsistent since the deck didn't have a way to search for khopesh...until now! Flooded vault has changed things in a big way for khopesh! And I mean BIG. If marcus jamberg wasn't restricted, OMG this deck would be freaking scary! I think a version of this deck still has a lot of potential to be top tier.

A few things I learned from the first go around when playing with this deck: innsmouth troublemaker and guardian shoggoth look like all stars for the deck but usually get bypassed for other characters for the khopesh, the thing from the shore is beast with a khopesh and your number one guy to shocking transformation for, blanking effects like called by azathoth and antarctic yet are a must.

I'm thinking about The Stone on the Peak (DD) or Small Ghouls (Core) that can bring back Khopesh with an Transformation + 1 more card.

I'm not sure I understand: The Khopesh is shuffled back into the deck when it leaves play. Or is this meant to help against an opposing milling deck?

I'm not sure I understand: The Khopesh is shuffled back into the deck when it leaves play. Or is this meant to help against an opposing milling deck?

Oh, yes, you're right. Normally the Khopesh is shuffled back (Even if it is destroyed). So you can return just the discarded ones. (I missed that ppoint in the post - so it is confusiong)
But you can reshuffle the Flooded Vaults that let you search for Khopesh and the Shocking Transformation (which was my main Intention to recycle - because it offers situative reactions when you pick the character out of your deck you need most at the moment.)

My suggestion here is to reduce a bit the cost of the characters.

Problem is: the only thing you can do in the first round is (if you are lucky to have the cards in hand) playing a ghoul + a vault. If the other started, maybe playing a Called by Az. or a DoA (Dog and Myths are good defensive characters, but they use a lot of your tempo during the game. Without considering that an early Alienist blocks your defenses)

Innsmouth troublemaker is a must include in a Kopesh deck, since it allows you to do Innsmouth + Kopesh on turn one with 3 wounds available.

Sacrificial offering has no reason not to be included, since you can play it on turn 1 on any char the opponent drop on the table (if a rush deck starts off with 3 chars on turn 1, that possibility helps a lot).

Hungry dark young is another card you want, since it recycles the cheap characters that you use with Kopesh (turn 1: char + kopesh, use it, destroy your character, turn 2: HDY, retrieve the char back, for example).

In general, reducing some costs seems a good idea especially to face rush decks.

hope it helps!

my 2 cents

Konx

My suggestion here is to reduce a bit the cost of the characters.

Problem is: the only thing you can do in the first round is (if you are lucky to have the cards in hand) playing a ghoul + a vault. If the other started, maybe playing a Called by Az. or a DoA (Dog and Myths are good defensive characters, but they use a lot of your tempo during the game. Without considering that an early Alienist blocks your defenses)

Innsmouth troublemaker is a must include in a Kopesh deck, since it allows you to do Innsmouth + Kopesh on turn one with 3 wounds available.

Sacrificial offering has no reason not to be included, since you can play it on turn 1 on any char the opponent drop on the table (if a rush deck starts off with 3 chars on turn 1, that possibility helps a lot).

Hungry dark young is another card you want, since it recycles the cheap characters that you use with Kopesh (turn 1: char + kopesh, use it, destroy your character, turn 2: HDY, retrieve the char back, for example).

In general, reducing some costs seems a good idea especially to face rush decks.

hope it helps!

my 2 cents

Konx

I've already made a couple of those changes. Found out for myself in play testing. :-) I removed the 3 sleeper awakens and added 3 sacrificial offerings and I added innsmouth troublemaker back in. Still not that happy with him though. He's not that great of a character. I do like the idea of hungry dark young though. I will have to throw him in.