Pretty much the same way i run it, except that i cast a couple of webs under acolyte and caster to hold them in placeWizard all the way for Colonoscope. Except when I make a mistake, or the Arcanist makes a fluke save, I can usually get 9 kills each Power Word Kill cooldown.
Walk in, talk to Nelle/Tremas, buff (the fight doesn't start for 48 seconds after you talk to Tremas, you know you've run this too often when you've timed that). Critical buffs are Displacement, Resist Cold and Protection from Elements. Put a Discoball down where the three archers spawn and stand behind the Shavarath Acolyte.
When Bazdor says the word 'Kill' in the DM voiceover, Power Word Kill the Acolyte (you've got about 1 second before he casts Mass Deathward). Then Circle of Death the three archers that are in your Discoball and run toward them. Once you get to your Discoball, Wail.
Next, find the Shavarath Arcanist (the one dangerous mob left) and Energy Drain it, then Finger it. If he saves (which I believe requires a 20 for even a moderate DC), you might have a problem - make sure to refresh Protection from Elements. Begin running in circles picking off survivors once your spells are off cooldown. Ignore Bazdor altogether (Web or Power Word Stun if needed to buy time), just heal through damage he does to you. The higher priority mobs to kill are the archers, as they appear to Hamstring you on a vorpal strike.
Once you've killed everything but Bazdor, Teleport away to Meridia, step outside and summon a Hireling (which resets your Colonoscope instance). If you still have over 1k SP, teleport to the Market and repeat, but don't talk to Tremas until PWK's cooldown is under 48 seconds. If you have under 1k SP, teleport to the Portable Hole instead, and drink a tavern drink.
Problems occur when the archers Cripple you early on, or when you don't successfully PWK the Acolyte in time.