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So while I was modeling a Slaneesh lord on steed I got to thinking of how to make use of his outflank rule. Thinking you take Fabius to get "enhanced marines" rule

They you take a max squad of chaos marines give them ccw instead of bolters, no special weapons, MoS, Icon of excess
Enhanced Warriors

Slaneesh Lord on Steed with burning brand and sigil

You outflank the blob of s5 i5 a2 fearless marines with Slaneesh Lord, break him away and use him and his BBoS to harass troops

The blob of chaos marines can be used to tie up a unit with their durability thanks to the icon, or you can slaughter must troops, ideally you'd use these guys as a mini death star to kill off troops before they can get close to objectives, the outflank gives you the ability to get into CC quick and The Lord on mount can't be ignored providing plenty of target priority problems coupled with a few deep striking units or rhino rush.

I'm worried about the reliance on the icon bearer providing the blobs durabilty, but do you think this could be viable?

I'd keep bolters too. And get a couple of meltas/flamers. Probably meltas. That's like 38-48 (if you take a combi-weapon too) points more but you're gona get 2 times better firepower the turn you arrive and since you can't charge - u'll appreciate killing more the turn you arrive. And meltas will help you open transports. Sometimes you'll have no infantry to kill and just a bunch of wave serpents or chimeras. And here's when you'll think: "Why don't i have meltas?!". And bolters will help you more reliably glance 10 back armor. Cause the difference between 8 and 18 shots is the difference between 1/3 hp fully functional vehicle and wrecked vehicle with a chance of pinning passangers.

I would probably not put on mark of slaanesh, but if I was going to then the icon of excess would be mandatory on such a huge squad. Also, I would keep the bolters as well and take 2 meltas.
Probably wouldn't be competitive but oh well. I think Cypher infiltrating with them or Huron infiltrating them would be a better tactic.

Yeah cypher is a much cheaper / better way to outflank. lord is 170 by the time you get him sigil,brand,mark,steed and a lightning claw. And he looses to anyone with a 2+ save.

Definitely take meltas.