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The following is my first 1500 point list, as I've been playing for under a month. Constructive criticism and insights please and thanks; looking to make a relatively competitive list with the models available to me.

HQ
Chaos Lord -175-
MoN, Terminator Armour, Lightning Claw, Burning Brand of Swoosh, GoM, VotLW, Blight Grenades (lives w/ Termies)

Daemon Prince -275-
Tzeentch aspect, Power Armour, Wings, GoM, The Black Mace

Troops
10x CSM -185-
MoN, Missile Launcher

7x Plague Marines -198-
2x Plasma Gun

20x Cultists -114-
Heavy Stubber, 19x Autogun, Shotgun

Elites
5x Terminators -255-
MoN, Power Fist, 2x Power Weapons, 2x Lightning Claw, 2x Combi-Plasma, Combi-Flamer, Reaper Autocannon, VotLW

6x Chosen -171-
Combi-Bolter, Lascannon, 4x Combi-weapon (plasma?)

Helbrute -125-
Twin-linked Lascannon


Pertinent questions: Should I automatically be giving my Chaos Lord the Sigil of Corruption? What should I be equipping my Chosen, Termies, and CSM with? Are autoguns for the cultists even worth it? Or should I drop a couple guns & the stubber, swap to 2x flamer? Reaper Autocannon worth the pts? Swap Tzeentch and Black Mace on DP for Khorne and Axe of Blind Fury?

Thoughts on strat are:
-HQ then MEq hunting with Termies/Lord (deep strike)
-MEq hunting with DP
-Chosen for surgical fire (vs termies, battlesuits, etc)
-Plagues for sitting on an objective in the middle somewhere?
-Helbrute snipes juicy single targets while closing
-CSM for objectives and general fire support
-Cultists to tarpit

Heavy Nurgle emphasis, which I understand is boring and overdone, but in the 5 games I've played (1000pt, 2:3) I've been suffering the most from small-arms fire and understand this as the appropriate defence. Will mostly be playing vs Dark Angels (MEq heavy), Orks (rolls unfortunately well on shooting), Tau (...), with occasional games vs Space Wolves, Tyranids and CSM. Not many vehicles in my friends' armies, so not too worried about meltas atm. The models I've got but am not currently fielding are a Sorcerer, Helbrute, and ~27 cultists. I'm playing on a tight budget, so while advice onmodels to purchase is appreciated, it likely will not be heeded. That being said, our group is mostly ok with proxies. And I might have a line on a cheap Defiler.

Thanks for your time!

Well I will start with the madatory get a heldrake or two! It was going to be said sooner or later!

If the Lord is in termi armour and MoN i wouldnt say the Sigil is a must have, I put it on any PA lords.

If you are paying the MoN tax on the lord you may as well change the 10 man CSM to plague marines, the 1 ML shot isnt worth not having FnP and fearless.

I have found the reaper AC to be a bit of a points sink, you could almost get another termi for the cost! i found specialising the my termi's help alot with there usage. i also found 5 to be a bit of a points sink, I have gone with 4 all combi plasma or Melta, 2 fists, 2 axe's.

I would drop the Chosen (make good PM unit champs) Unless very specialised and preferably infiltrated for a plasma/melta alpha strike havocs are almost always better.

Never used cultists but have you though of typhus/zombies?

4AC or 2AC/2LC havocs > than the helbrute in my opinion, My helbrute has not come off the shelf since being put together!

Hope that helps

If you go with the chosen don't mess around with combi-weapons, just go for the plasma or melta guns. It would be cheaper in pts to call them havocs and take heavy weapons, plasmaguns or assault weapons. The standard marine unit could do with its assault weapon also.

Terminators and the demon prince will be able to work well together to get some awesome might into combat.

I like helbrutes, and field a lot of walkers generally. Particularly good when it comes to people being in combat with them and struggling to get through the armour.

Most of the force is quite slow. If the terminators and the demon prince are the assaulty break the opponents line units you could do with something capable of tying up to support them. This could be a couple of rhinos to transport your units forward, a small unit of spawn, bikes or a maulerfiend.

I prefer MoT on terminators to get the better inv save - as they take a lot of lascannons and plasma fire. But then this would mess up the inclusion of the plague marines. Something to think about though.

Your Questions:
If you are a MoT chap then the sigil is very good 3+ inv save, awesome. If not then I wouldn't worry too much and just rely on the terminator armour.
If you are facing non-powered armoured armies then the autoguns are okay. I do prefer flamers over heavy stubbers for the overwatch and the multiple hits.
I prefer heavy flamers rather than a reaper on the terminators, mainly to help move difficult people from cover, and for maximum damage if I pull off a risky deep strike.
Tzentch and black mace is a good combo for the prince. The Demon of Txentch rule makes it much more resiliant to small arms fire. As it is a monsterous creature weilding the mace it becomeas AP2 and better the the axe.
Cultists will not tarpit anything unless they have a leader to make them fearless. At the moment you need them in cover shooting and not in an assault.

Ditch the chosen, terminators, add heldrakes. Lose the helbrute and reg csm squads and add more plague marines

Chosen take up too many points that can go towards things that kill a lot more.

Cheers gents, didn't even think of havocs.
Swapped Chosen for 5 havocs, 2AC/2LC, MoN.
Dropped a Cultist, added another Plague Marine.
Swapped Reaper Autocannon to Heavy Flamer, because deepstriking and flaming does sound like the best impact, especially with double template goodness.
Added Plasma Gun to CSM? What should they be running, optimally?
Stu, can't afford to swap the CSM to plagues. Typhus is a no-go for me because I've already got too many HQ options, not putting cash into even more. As for specializing termies, plan is deep strike -> open Fire -> charge next turn.

Don't know how I'll use the Cultists (thanks Jasper for pointing out they'll break and run, + for answering my questions), but much happier now with the Havocs.
Yes I know Heldrakes are advised, no I don't have the cash to shell out for one. Definitely looking into getting some kind of FA unit, but haven't figured what yet. Spawn to tie them up in CC vs Bikes?


Update:
First game vs Dark Angels with the new list, and I tore him a new one. Added one more edit: swapped CSM for a unit of Noise Marines w/sonic blasters.

Belial + Termies, 3 units of MEq, Librarian, Snipers, 2 units of bikes. Standard of shenanigans that made all his boltguns salvo 2/4 for only 65 points?!?! AND I teleported my terminators + HQ straight off the board into the warp on turn 2