When Toothy leaves and enters the battlefield, its second ability triggers, as well as Deadeye Navigator's soulbond ability.
Resolve the Deadeye Navigator trigger, repairing it and Toothy.
Resolve the Toothy triggers, causing you to draw at least two cards.
Toothy's first ability and The Locust God trigger for each card drawn.
Resolve all Toothy triggers, putting that many +1/+1 counters on it.
Resolve all Locust God triggers, creating that many 1/1 Insect creature tokens with flying and haste.
Activate Phyrexian Altar twice by sacrificing two Insects, adding 1.
Repeat.
This engine transforms a friendly imaginary friend into a relentless swarm by leveraging Deadeye Navigator's soulbond to repeatedly blink Toothy, Imaginary Friend. Every time Toothy leaves the battlefield, its triggered ability lets you cash in its accumulated +1/+1 counters for a massive influx of drawn cards, which in turn feed The Locust God's static draw trigger to flood the board with flying Insect tokens. You can then feed a couple of those newly minted bugs to Phyrexian Altar to generate the exact blue mana needed to restart the cycle, leaving you with an unstoppable loop of card draw and token generation.