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How do you guys like to kit out your Captains?

I'm thinking he's a good choice for the Primarchs Wrath, slap on some Arty Armour and he's as good as a termie!

He is a much cheaper version of the Chapter master, that's pretty much it. If you're going to go all out, go for the CM, but if you want more shooty, using the PW as you suggested or even gunslinging with two pistols or two combi-weapons, that also works.

He unlocks command Squads so I tool him up like so. Bike, SoE, TH w/ Command Squad on Bikes w/ 4x Grav Guns and Apothecary

I agree with feasible. It would be nice to upgrade to a cm but unfortunately he doesnt unlock the command squad. So you may aswell turn that captain into the best beatstick you can.

Assuming multiple Relics are allowed (I don't think that has been FAQ'd, so I play it that they are) I tend to go with Primarch's Wrath, Teeth of Terra and Armour Indomitus. It's pretty expensive (Around 220) but he's shooty- Always has 5 S4 Shred shots thanks to Relentless from the Armour, that can also precision shot- and Killy -Teeth of Terra murders anything not in TDA- and can tank for at least one round with the 2++, which can be vital.

I tend to put him in a drop pod with a squad (CC command squad or just Tacticals) and then usually detach him from the squad to go an beat something up solo. Especially against marines that lack AP2 weapons, he kills them by the handful, and if there's a really big threat I'll keep him with the Command Squad for extra wounds and power.

If I don't have the points for all that and I don't want to take a librarian instead, I just go for Thunder Hammer and Arty Armour. Cheaper, can still smash stuff, and is pretty tough.

I got a captain with my ally detachment consisting of 5 bolter scouts +meltabomb on the sarge, 5 scout sniper with Telion+cloak, 5 naked sternguard. I usually have him hang with my Warlord (IG CCS) and kit him simply, but practically, as I usually face melee oriented army.
Artificier armour
Relic Blade
Boltgun

Thunder Hammer + Shield Eternal + Optional Combi-Weapon + Optional Bike + Optional Artificer. Its as hard to kill as 3 Hammernators, delivers a solid punch, and only takes up one passenger capacity while being able to be shoved in pretty much any unit in the book, including with PA units for versatility and additional threat.

Primarch's Wrath is garbage, it kills less than a Marine on average a turn IIRC and if you haven't taken a Relic you lose an attack. Burning Blade is nice and all but you have the durability to survive almost everything you encounter in CC with the S.E so the Thunder Hammer just becomes a no brainer.