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I asked about this at the local GW and they state that more than one relic on a model is fine. One of the GW employees was even painting up a model with the shield eternal and burning blade.

I think in terms of which is better, I'd say in most cases the thunderhammer is better for the points reduction and makes it so the Chapter master isn't as insanely expensive, but it also is really nice to be able to strike at initiative with high strength AP 2.

As someone mentioned earlier -- check with your FLGS. People will interpret differently.

If your traveling for an event -- just check ahead of time so you don't spend the time traveling to be told its illegal.

It probably will be FAQ'ed in the future. But for now, when modeling and painting it just realize that there are some places that wont allow it.