I wouldn't include the points for the Wolf Guard in with the points for your Grey Hunters normally. Its better to list them as separate units and just note how you will usually split them off. Who knows? Maybe some games you won't want to split them off to lead your packs?
Anyways, if you do that you'll see you just have too many points wrapped up in Elite choices for 1000 points. This is a game where Troops are King. They're the only unit that can capture objectives. Even better, your Space Wolves! Grey Hunters are one of the best main line infantry choices in the game. Taking as many as possible is not a terrible idea.
At 1000 points you want 8-10 man Grey Hunter squads, times two. You need to build your army around the Grey Hunters. Its the way the Codex is designed. Everything else provides support for your Grey Hunters. Also at 1000 points, special characters are usually too expensive (and generally speaking, going over the points is a no-no

).
Anyways, if you sort out the Wolf Guard from the Grey Hunters you have a 12 Wolf Guard total, in 2 squads. Where is the heavy weapons? Space Wolves only get Heavy Weapons on 3 things: vehicles, Long Fangs, and Wolf Guard. 30 points for 2
CML or an Assault Cannon is well worth it (and you can have that guy split off to join a squad as well!).
Also, Wolf Guard Terminators are not like other Space Marine terminators. They are more like Chaos Space Marine terminators. I mix them up for wound allocation shenannigans, but generally speaking Power Weapons and Wolf Claws are better on them. Plus the cheap combi weapons.
I would really look at taking some Long Fangs. x6 with x5 Missile Launchers is most popular. Its cheap and you get 5 S8 weapons and you can fire at two different targets. Its kind of nice, but annoying to build (only 2
ML in a Devastator kit, and the only other place with a
ML is the Tactical Box.
GW does not sell the sprue separately so it can run you 60-70 dollars US just to get the Missile Launchers you need off other websites). Personally i have one pack with 5
ML and one with 3 heavy bolters and 2 lascannons. I usually take the latter one in smaller games.
Flat out you need more firepower and bodies on the table. I'd drop down to a single Wolf Guard pack and use it only for pack leaders (or make it so the unit can function as a whole on its own in addition to being able to split off). I'd also drop the special character and take a normal Rune Priest (half the cost; you could take two Rune Priests for the same price as Njal and
LL two targets a turn).
I like the Dreadnought. Reminds me of my original venerable dreadnought who had a heavy flamer as well. He's not a bad choice, but on his own will be the focus of every anti-tank weapon your opponent brings. Some transports/land speeders/tanks will help with that.