You will not be the first in doing so and will sure not be the last. Most the units are the same, just with better rules/costs. You will however get complains and whines from some players but, hey, if you get fun that will happen to you no matter what you do.
World Eaters or Khorne bands work fine with Wolves. I don´t think they fit with any other chapter trait. Wolves are supposed to be getting a new codex soon, so that´s good.
Some details / advices:
1: Please do not get sorcerers/runepriests no matter how good they are. Khorne do not like them and changing your codex to better play your khornate band and then taking sorcerers reeks of hypocrisy.
2: Many units you can find nowadays in the Wolves started like
WE units, something you can point out is someone ask you. For example, the World Eaters have really good devastators called "The Teeth of Khorne". This unit eventually turned into "Long Fangs" (teeth -> fangs, ha ha so subtle).
3: Another example are Brazen Knights, eventually turned into Thunderwolf Cavalry. It is a good time to field this beauty:
4: Then you have Flesh Hounds, that were also part of the
WE original list. They work well with Fenrisian Wolves rules.
5: Berserker surgeons (the most efficient apothecaries ever) are also known for the high rate of production of new low-level Astartes. Using forbidden protocols, they can create cheap berserkers with really serious mental issues. They run ahead of the army, and are used to detect enemy positions. Blood Claws are quite good to represent them.
6: You can use particularly violent-looking models as Wulfen.
7: Khornate bands are known for the extensive use of long range low
AP artillery (yeah I know the Internet says they don´t). Get some whirlwinds if you want a fluffy list. Following the trend of units you don´t expect in a
WE army yet are 100% background-friendly, take some apothecaries.
Something to think about: the Codex:
CSM is not only reviled for its power level. It is mostly hated because it is an utter failure when trying to play one of the Legions. A World Eater or a Khornate warband should include high quality devastators (long fangs), brazen cavalry (thunderwolf cavalry), flesh hounds (fenrisian wolves) and whirwinds. It should include honor oaths (sagas) and cheap maniacs to spearhead the charges (Claws). You cannot do anything like that with the Codex:
CSM. That´s reason enough to use another Codex.
On the other side, I don´t think any of the traits in the
SM codex fits with khornate bands.... White Scars perhaps? I don´t see it.
Anyway, I speak just as a fluffy-player. Don´t let the fluff stoping you though, they are your models, play them the way you like. BUT if I were you I´d get a second hand copy of the 5th edition Codex: Space Wolves and start working. It will be hard, it is an old, "weak" Codex, but they will get a new, more powerful Codex soon. That will help you to do the change.