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Demon Prince 140 (140)
-Wings
-MoK

8 'Zerkers 263 x3 (789)
-Champ
-Power Fist
-Personal Icon
-Rhino
-Extra Armor

3 Termies 120 x2 (240)
-Chain Fist
-Combi Meltas x3

2 Obliterators 150 x 2 (300)

Total 1469.

How does it look? Ideally you make a B-Line with your 'zerkers and Rhinos into combat and deep strike in Obliterators and Termicide squads where necessary.

1)Is there a better load out for the rhinos the zerkers are riding in?

2)Is there a better load out for the termicide squads? They are both anti-armor, should I make one anti-infantry instead?

3)If this list checks out, what do I do with the other 31 points? 'nades for two of the zerker squads?

Gratzi

Zerker squads are set out right. Icon will be useful with deepstrikers. And points from Extra armour won't get you much else.
Going to be hard to win against a lot of armies, will require luck and tactics to go your way. But i think you have got this list pretty much right. Some will say more Oblits, but i think 4, with 6 Termies will work fairly well.....

ops missed your last question, Combi-Meltas on Rhinos?

The list seems solid but at 1500pts you should be running a second HQ choice if possible.

I'm not sure how to squeeze the points for this but if you could it would be very effective

maybe swap some PF's for PW's, or drop EA on the Rhino's or downsize to 1 termie squad.. not sure, there are a couple ways to do it

If I dropped a Termicide squad I could throw on an extra DP between that and the 31 pts that were already left over.

Is the ExArmor just not worth it overall? I could drop it and throw Kharn on the squad....

The rule of thumb that i usually use is that a rhino should cost 50pts.

I just feel that there are better options than extra armour. If you are still looking for dmg reduction daemonic posession is a better option and the same points cost if I remember correctly.
if you end up with a few extra points you could always add a zerker or a termie to your existing squads, more dudes is always better than left over points