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I probably made some mistakes, but hopefully I'm in the right direction. I think there is enough firepower to drop hordes to MEQs, only fear is that I don't have enough troops to actually hold a few objectives. I was also contemplating dropping Sharpshooters for Light Infantry so I can move the command squad in a prime location for the flamers.

Doctrines: ID, Close Order Drill, Rough Riders, Cameoline, Sharpshooters

HQ
JO, Standard, Honorifica, 3x Flamers, ID, Cameoline 103

AT Squad- 3 Missile Launchers, Cameoline 105

Troops
JO, 4 Plas, ID 75
I- Las/Plas 95
II- Las/Plas 95

JO, 4 Plas, ID 75
I- Las/Plas 95
II- Las/Plas 95

FA
7 Rough Riders, Hunting Lances, Cameoline, 87
Hellhound 115
Hellhound 115

HS
LR Demolisher, HB 155
LRBT, HB 145
LRBT, HB 145

You missed out Cameoline on the troops.

Sharpshooters probably isn't worth it. See http://www.dakkadakka.com/wiki/en/Guard_Doctrines_-_The_Bad%2C_the_Worse%2C_and_the_Mandatory.

You have a bare minimum of troops. Cameoline will help you with fewer troops, but probably not to this extent. I would add more infantry by dropping your hellhounds or your rough riders AND your special weapon squad. You can get more special weapons with the new squads you'll add (preferably lascannons).

dont take the flamers in your banner squad those guys are bullet bags for the comander. missile launcher squads are useless in 5th as well drop them.
drop the rough riders and then with the points saved get more line squads, rember ALL guard infantry squads need to take camoline

ok well you forgot to add in points for the cameoline which you MUST give to any model that could take it. also sharpshooters is a waste of a doctrine point so you should just drop that all together.

what should I change sharp shooters to?

K so I made some changes. I thought hellhounds were really good? Should I change some of the las/plas and give a few infantry squads infiltrate?

Doctrines: ID, Close Order Drill, Rough Riders, Cameoline, Light Infantry

HQ
JO, Standard, Honorifica, ID, Cameoline 85

Troops
JO, 4 Flamer, ID, Cameo, Light Infantry 79
I- Las/Plas, Cameo 105
II- Las/Plas, Cameo 105
III- Las/Plas, Cameo 105
IV- Las/Plas, Cameo 105

JO, 4 Flamer, ID, Cameo, Light Infantry 79
I- Las/Plas, Cameo 105
II- Las/Plas, Cameo 105
III- Las/Plas, Cameo 105

FA
6 Rough Riders, Hunting Lances, Cameoline, 76

HS
LR Demolisher, HB 155
LRBT, HB 145
LRBT, HB 145

Hellhounds *are* really good, but you needed more men. If you were to do more points, you might add them back in. This list is pretty solid (looks like mine which folks here fixed). The points look a little wonky, but the concept is good. Flamers are awesome now, stick with 'em.