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In the Space Wolves codex for a Wolf Lord HQ, under Options it reads: Replace bolt pistol and/or close combat weapon with: (list of weapons)
one being Wolf Claw for 20 points. My question is, can he replace both standard weapons with 2 Wolf Claws for double the point cost? In this case 40 points.

yes

Yes to the wolf lord and any of the wolf guard battle leaders, lone wolves, and wolf guards that say the same.

As Kin said, you can replace the bolt pistol with replace the Wolf Claw for XX points.

AND you can replace the close combat weapon with a Wolf Claw for XX points.

You can replace just the bolt pistol, just the close combat weapon, or both with any of the weapons in the list.