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Captain
-Artificer Armour
-Power Weapon

6 Initiates
-Plasma Gun
-Sword Brethren ( I take it these guys are sergeants?)

7 Initiates
-Flamer
-Sword Brethren w/Power Weapon
-Chainsaws and Bolt Pistols

Dreadnaught
-Twin Linked Lascannon
-Missile Pod

Basically the captain goes with the combat group of 7 initiates to take enemy objectives, the dreadnaught draws fire and whittles down any enemies with ease, and the 6 initiates stay on my personal objective. Just a quick thought any help appreciated!

I would consider giving the big unit some kind of transport. Even at 500 points on a 4x4 table its a long walk

Maybe by removing the artificer armour and the sword brethren from the 6 man group gives my 30 points, and that will pretty much get me a rhine,

Captain
-Power Weapon

5 Initiates
-Plasma Gun

9 Initiates
-Sword Brethren w/Power Weapon
-Flamer
- CCW and Bolt Pistols
-Rhino

Dreadnaught
- Twin Linked Lascannon
- Missile Launcher

Like This? also changed the numbers around a bit

If you're gonna have the 5 initiates sit back and guard the home objective, you might as well drop the plasma gun for the plasma cannon as they both cost the same points and plasma cannon > plasma gun

Also, your second list looks a lot better than your first. Here is my own Black Templars 500 points list:

HQ:
Captain
weapons: boltpistol, primarch's wrath
wargear: iron halo, frag, krak

Troops:
Crusader Squad
5 Initiates w. boltpistols and bolters
1 Initiate w. flamer
1 Initiate w. Missile Launcher
wargear: frags, krak
*dedicated transport:
Drop Pod w. Stormbolter

Crusader Squad
3 Initiates w. boltpistols and bolters
1 Initiate w. plasma gun
1 Initiate w. Plasma Cannon
wargear: frags, krak


Heavy Support:
Vindicator
weaponry: Demolisher Cannon, Stormbolter
wargear: Searchlight, Smokelaunchers, Siege Shield (wysiwyg)

Total: 498 points
(13 models, 1 tank, 1 drop pod)
2 scoring units

doubt your list would do too well against mine unless you get lucky with your dread

The second list looks better but your only true AT-weapon is a single Dread. Risky, if the enemy has some Alpha strike AT-squad (pretty common these days).

Not sure if that should be changed, just be careful.

And yes, take Plasma Cannon since it has better range and the squad isn't moving anywhere.