One Wolf Lord on a T-wolf, 3 Cav, and as many Ablative Wolves as you can take. Everyone should have different wargear for wound allocation, and the Wolf Lord should have a Storm Shield and Wolf Tail Talisman mandatory. At least one of the 3 Cav should also have a Storm Shield. Add in Thunder Hammers to your heart's content.
There are two issues that you need to be aware of with this unit:
It's a tough nut to crack because of the wound allocation shenanegans. You should put the high
AP low S fire on your Cav and Lord, and the high S low
AP fire on your Ablative Wolves. The unit is only going to be instagibbed by Force Weapons and S10 fire anyway so you won't be hosed too badly. Just don't remove a Wolf because of bolter fire...save them for the serious shooting.
It's VERY vulnerable to psychic attacks. Nothing funnier than running a 750 pt Death Star off of the table with a Vendetta after you Weaken Resolve it and force enough wounds to kill off the ablative wolves.

They can also be largely abrogated by
CSM players running Lash Sorcerors. Lash of Submission really punks this unit hard.
What can you do about it? Simple: the Wolf Tail Talisman gives you a 5+ to ignore it, and by keeing a Rune Priest close to the threat you should be able to nullify most of the things coming at you. Psyker Battle Squads are tougher with their 36" range but just make sure that the Rune Priest is within 24" once the Twolf Cav get within 36", if that makes sense.