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Will this work? After some queries, questions, and a little research I've come up with somewhat of a plan for a Space Wolves army but I need critique.
The plan is built around Psykers. A level 1 Rune Priest and, in 1250+ point games, a lebel 2 with BRB powers too.
The overall plan is to drop pod in most troops, 2-3 squads, with a JOTWW Priest inside and a ton of melta to pop tanks. Gunlines or else back line crowding is frequent at my LGS so I think a mid range JOTWW will not go amiss. Back home, heavy weapons sit behind a quadgun (3 plasma cannons, 2 lascannons, and ideally a wolf pack squad leader. Rune Priest to give them rerolls to hit, and either a wuad gun or icarus lascannon for anti air.) A squad of Thunder Wolves if I have enough spare points.
Meh? Good? Bad? It's pretty general, but can it work at all?

Well this seems to be the quintessential space wolves list and stradegy! Rune priests are awesome but I believe they are better spent in pairs behind an aegis line with long fangs casting prescience. I usally don't upgrade them to master of runes cuz that is an expensive 50 points and theyare usually only casting prescience anyways. At your point level I find 3 drops to be a good amount but drop podding hunters are always a good idea so the more the marrier! I almost never take meltas, if I get the free weapon with ten guys I might grab one as the first gun and grab a plasma for free but with the decline of vehicles in 6th I find plasmas and flamers FAR more useful. Thunderwolves are awesome but expensive. best for big point limits and only with storm shields in my opinion. They kill a lot of stuff but when your opponent drops them in the first couple turns before they are safely locked in combat you are gonna cry like a baby

In general, this is what many SW lists do. Don't bother with Master of Runes however. Too expensive for what it does, especially compared to newer Codexes. You can't cast Prescience twice with the same model anyways, and if you give that second Rune Priest a Chooser of the Slain you'll have a BS 5 Quad Gun and meet the reqs for Leaders of the Pack at the same time (and he wont have time to use a shooting power probably).

I also highly recommend Murderous Hurricane for any Drop Pod bound Rune Priest. It can be a real life saver.

If you pod your rune priest in at their back line because they're camping you'll probably be out of range to give your long fangs prescience, 24inches? Other than that, solid list for all the gun line lists