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So I made a list out of the things that people think are the best in the codex
Wraithguard, wave serpents and added a couple of the things I like
Note: when I say heavy weapon I mean one weapon out of of the three suitable for each type of army
E.g. Brightlances vs vehicle, star cannon vs power armour and scatter lasers vs horde

Here's the list

Spiritseer
Farseer on jet bike w mantle

5 wraithguard w scythes in wave serpent w holo-fields and heavy weapon
5 wraithguard w scythes in wave serpent w holo-fields and heavy weapon

Crimson hunter

3 war walkers w 2 heavy weapons each
3 war walkers w 2 heavy weapons each

What do you think
Would it work in tourneys
What is its weaknesses

its a fine list. def. lacking in scoring abilities. i would drop crimson hunter to get some mroe troops. sadly, generally wraithgaurd are to expensive unoess in an iyanden list.

serpents need scatter lasers.
walkers can have whatever, i would go with one squad with lances, otehr with scatters.

Serpents need Scatter Lasers. I would also spring for the underslung Shuriken Cannon. Holo-Fields are neat but not necessary.

As above, I would take one squad of Walkers with Lances and another with Scatter Lasers.

I don't think this list would do incredibly well in tournaments, but it looks like fun to play. 5-man Wraith units do not see much tournament play as they are very expensive. 10-man Guardian squads or 5-man Avenger squads are much cheaper, allowing you to take more Wave Serpents (I take 5 Wave Serpents and 2 Fire Prisms for 1,500 tournament games).