Right away this list is better because you dropped the fenrisian wolves. Let me make a few tweaks.
Really? Why not just a stock thunderwolf lord? But whatever.
rune priest runic armor, wolf tail, wolf t necklace (biomancy and living lightning)* 135points
Lots of problems here.
1) Your psychic powers are not legal. You must always choose two powers from your codex. At the beginning of the game you may choose to exchange BOTH of those powers for two randomly selected powers from the rule book. If you do so, you may choose which discipline tables to roll on for each of those random powers. After you have rolled, you may then decide to exchange the randomly selected power for the primaris power of that discipline. It is therefore impossible to have BOTH a biomancy power AND Living Lightning.
2) Go read the brand new Space Wolf
FAQ. It's here...
http://www.games-workshop.com/MEDIA_CustomProductCatalog/m2570051a_Space_Wolves_v1.1.pdf
If the rune priest is affected by an enemy psychic power, he may either attempt to nullify it with on a 4+ with his runic weapon, or he can attempt to nullify it on a 5+ with his wolf tail talisman. He cannot do both. Note that the runic weapon is better and comes for free with the rune priest. So why are you spending 5 points on a wolf tail talisman when obviously he will never use it?
3) You should never ever take a wolf tooth necklace. First of all, your rune priest has
WS 5. He hits anything with
WS 4 or less on 3+ already. That means that if he's in a fight against pretty much any troop type model, the
WTN doesn't help him. Second of all, if your rune priest ends up in a close combat or challenge with an enemy independent character that has
WS 5 or better, he's probably going to die no matter what. The
WTN won't save him and it won't really help him much to hit back (3+ to hit vs. 4+ to hit is only a 16% bump). This is totally not worth 10 points.
But moreover, as far as space wolf independent characters go, the rune priest is arguably the worst one at close combat. He should therefore strive to AVOID close combat. His job is to hang back and provide support to other units that do the real work.
Heavy:
5long fangs +leader 5ML 140points
5long fangs +leader 5ML 140points
5long fangs +leader 5ML 140points
Mmmmmm...Long Fangs = good.
Troop:
9grey h FL PW WS DP 195points (rune priest riding a ride along*)
10grey h PG PG WS DP 205points
10grey h MG MG WS DP 200points
Drop pods are good, but I don't think you have enough of them to make a good splash. Only 2 will land on the first turn.
I like the troops, but see what I said about the rune priest. Also...for 15 points, mark of the wulfen will give you more bang than a power weapon.
FAST:
4thunderwolf cav 1SS 1FB 255points
3thunderwolf cav 1SS 1FB 205 points
Thunderwolf cavalry is a MUCH better choice than Fen wolves. One thing though - the frost blades are not as good as wolf claws, but they still cost more. Get wolf claws instead.
chaos is eternal
puppys from space 
