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So, I was given the advice to sit things out until the Dark Angels codex dropped, before choosing a highly versatile MSU army approach for space marines. So, the queston is, does the new dark angel codex give me the options to run a MSU army with an emphasis on limited armor and running large numbers of highly customizable troop choices? While competative play isn't important, being reasonably well off never hurt.

I would wait for this thread
However, Deathwing in any form or Ravenwing for that matter both sound like they would work.

I think the answer is yes. From what I can tell, this codex will allow it

 Unyielding Hunger wrote:
...running large numbers of highly customizable troop choices?

You can happily make this work with the new Codex. I wanted to go over your options on this point in particular - the sheer versatility of your options. DA now have a few things going for them in this respect that most other Marines don't:

1) Azrael can make Deathwing AND Ravenwing Troops in one single character choice, and will give his unit Fearless and a 4+ invulnerable save. Very handy.
2) Deathwing are as versatile as ever, being able to mix assault and ranged weaponry in the same unit - they can also now take a plasma cannon, which being Relentless can be fired on the move and on the turn they charge.
3) Ravenwing are as MSU as ever too, starting at 3 models a unit and allowing squadrons to get Land Speeders and Attack Bikes without costing extra slots. They also have a new unit type that has twin-linked plasma weapons instead of bolters, though these are expensive.
4) Tactical squads can now choose to take a heavy weapon at 5 men instead of a special weapon (with both available at 10 of course, and combat squadding still exists). They get a cheap plasma cannon and can take flakk missiles for a launcher.
5) Veteran power-armour squads are now in, at 5 men you can have a special weapon, a heavy weapon and 3 combi-weapons. No special ammo like Sternguard, though.
6) Devastators are pretty much the same as they always have been, but are pretty cheap compared to some of the other Codexes.
7) Lastly, Veteran Sergeants are no longer a default so you start off by saving points on all your non-Veteran units.