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HQ:
Company Command Squad
w/ Power Fist, 4x Meltaguns, Astropath
[135]

Troops:
(10) Veterans
w/ Power Fist, Bolt Pistol, Shotguns, 3x Meltaguns
[117]

(10) Veterans
w/ Power Fist, Bolt Pistol, Shotguns, 3x Meltaguns
[117]

(10) Veterans
w/ Power Fist, Bolt Pistol, Shotguns, 3x Meltaguns
[117]

(10) Veterans
w/ Power Fist, Bolt Pistol, Shotguns, 3x Meltaguns
[117]

(10) Veterans
w/ Power Fist, Bolt Pistol, Shotguns, 3x Meltaguns
[117]

Fast Attack:
(2) Valkyrie
w/ Multiple Rocket Pods
[260]

(2) Valkyrie
w/ Multiple Rocket Pods
[260]

(2) Vendetta
[260]

[1500]

Based on the games I have played with my original AirCav list, I feel this incorporates a lot more of what it will need to survive. The ability to assault, instead of being assaulted, can help in a lot of circumstances. Weapons range should not be a problem, either. Though the removal of stacking the Astropath perk hurt, this list can still outflank everything on a 3+, which isn't bad. Also, a lot of Power Fists give it a way of dealing with tougher targets, even if only S6. As before, the Valkyries act as anti-infantry, while the Vendettas are long-range anti-tank. The latter will help keeping me from needing to divide up my forces too much given my ranged limitations with all those Meltas. This way, I can still ping tanks at long-range while sweeping from one flank to another.

The major drawback will be the immense cost of buying those silly FW upgrade kits for the shotguns for what amounts to a non-competitive, "fun" list.

Anyhow, what do you guys think?

for shotguns, chop the barrels down on your lasguns (mostly kidding)

I think for an assault vets squad all those meltaguns might not be a good idea. Some of them are going to want flamethrowers, to thin down a horde of infantry that they have to assault. Seems like a good 'idea' though.

As a disclaimer, I don't face almost any hordes. If I do, they are in number sufficient to be taken down with my Valkyries. I do see a ton of TEQ/MEQ, though. Also, Shotguns are Assault 2, so I get a ton of shots before I assault.

As for the modelling aspect, as long as I don't sell them, its legal to cast pieces, right? Because I can very cheaply cast up a bunch. Of course, I am not sure on that whole legal issue.

Otherwise very good list...
But what the heck is wrong in your mind when you give all of them a Power Fist?
Sure, a S6 hit is nice, but the things you want to hit with it (Terminators, Monsters) are gonna kill the entire squad before he gets to strike.
So IMO you should drop off all the power fists even if you have a Assault theme with all those assault weapons.
But that is only my 5 cents

Well, I need to test them out. I figured it would give the army a lot more power in close combat, which it needs badly. In the past, I would often get in a really nasty round of shooting, but then be owned hard in close combat. This at least gives me something that wounds on 2's or 3's and can ignore armor saves. That is pretty awesome.

For cheap shotguns check these guys out. CAD gun 8 is a pretty good sci-fi shottie.

The arbites for necromunda are great if you want shotguns. Several of those are shotguns.
If you want CC in guard take a look at Straken and also the preists. They can pack eviserators still.