Creating New Casual Format

I play MTG with friends and we enjoy strategic games and hate mana flood/screw, along with not grabbing any of your good cards, so we decided we will try out a 40 card deck to give it more consistency. Since we proxy almost all of our cards, we needed limits on rarities so we didn't just print a bunch of mythics and crush the other. Do you think that these are fair limits to a 40 card deck?

Max 1 mythic, Max 4 Rare, Max 8 Uncommon. Unlimited commons. Only 3 of the same name unless they are common, in which 4 are allowed. Am I missing anything or does this seem fair?

Like, should we be allowed more mythics/rares/uncommons? Is this 40 card format not a valid solution to wanting less luck in mtg? Does this favor milling/aggro strats over other decks where you want to draw more cards, like with any blue deck?

Thanks for your help, guys. I just started playing MTG 2 weeks ago and don't know what works best.