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I'm looking at making a small squad (5 man) of jump based Raven Guard Veteran Vanguard with all lightning claws. What would be the cheapest way of making them of with the plastic models?

assault squad + terminator lightning claws? Find the bits online (ebay)

Yeah, terminator lightning claws (with the arms trimmed down to fit inside tactical shoulder pads) are the easiest option. They do look a little bulky, but not stupidly so, especially for a veteran squad which has some justification to have fancier versions of equipment.

Get Assault Marines, and buy the pack of Lightning Claws off the GW site. The metal ones are slightly smaller than the plastic ones and would look better on a Power Armour Marine.

the old metal ones are a good idea as they are closer to scale for powered armour, but they will be more difficult to work with. If using the metal ones you will likely have to chop of the hands/claws and pin/glue them. this will also effect the weight of the model and it's balance depending on the pose.