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Basically the list maximizes the number of razorbacks you can possibly take:

HQ
Rune Priest, LL/JotWW, chooser

Elite
Wolf Guard x 3, Razorback Las/Plas
Wolf Guard x 3, Razorback Las/Plas
Wolf Guard x 3, Razorback Las/Plas

Troop
Grey Hunters x 5, Meltagun, Razorback Las/Plas
Grey Hunters x 5, Meltagun, Razorback Las/Plas
Grey Hunters x 5, Meltagun, Razorback Las/Plas
Grey Hunters x 5, Meltagun, Razorback Las/Plas
Grey Hunters x 5, Flamer, Razorback Las/Plas
Grey Hunters x 5, Flamer, Rhino

Heavy Support
Long Fangs x 6, 5 x ML Razorback Las/Plas
Long Fangs x 6, 5 x ML Razorback Las/Plas
Long Fangs x 5, 4 x ML Razorback Las/Plas

The strategy is to split up the wolf guard squads into the six grey hunters and three long fang squads and put the priest in the rhino. With 11 Las/Plas razorbacks and 14 ML, this list has massive amounts of split shooting.

12 las/Plas Razorbacks, 15 Missile Launchers...yeah you're good to go.

With that many Razorbacks I'd drop Living Lightning and take Storm Caller. It'll be more useful for you. You got enough ranged weapons that you don't need the extra firepower. It doesn't add enough like in your usual Space Wolf lists. Storm Caller though could keep your Razorbacks alive even longer since the 6" range gets measured from the hull of the transport.

You could drop the Meltaguns for Flamers and get yet another Razorback, though it'll probably be stuck with Heavy Bolters.

I'd also consider taking a mix of TL Lascannons and Assault Cannons instead of all Las/Plas but that's me.

I personally detest Razorspam but I think you succeeded in your goal here...

It's pretty well par for the course as a Razorspam list. I don't see any flaws. You have a spot for the Rune Priest, and as many Razorbacks as you can reasonably fit in the list with the best guns (statistically speaking) you can take on them. The one and only problem I see with this list is that your anti-tank potential is through the roof, but your anti-infantry potential isn't spectacular. Even with LasPlas, you have to get within 12" of a unit to make firing the Plasma Gun worthwhile, and if you move at all you can't fire both weapons. I wonder if Assault Cannons on a couple of the Razorbacks would fill that void. You of course have the units inside with Bolters, but you really don't want to fire those if you can avoid it since it means leaving the safety of your transports.