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20-30 Conscripts + 1 Ministorum Priest
Pask Punisher w/ LC and MM + 1-2 Leman Russ Executioner or punishers

Is actually a pretty standard setup for an IG army.

The pask punisher and unit was even featured in this article;
http://www.torrentoffire.com/5576/pask-bringing-the-punishment

I guess it was popular at the ETC in 2014.

Either way it is an extremely high damage unit and with some decent bubble wrap it will usually survive most of the game. I would probably avoid the Enginseer unless you have another russ squad as sometimes you will get pasks' order off and won't need his ability. The camo is useful if you find your meta has that much ranged anti tank but IME the pask punisher unit goes down to melee or absolutely overwhelming firepower most of the time and a +1 to cover won't help. Another alternative is to field a infantry platoon blobb with Loth (SM-Red Scorps) for invisibility/shrouding or Azzy (DA) for 4++ on the bubble wrap unit. I would not depend on the conscripts lasting long enough to give cover. It is much more likely that they will either block a single melee army charge or block DSing melta turn 1-2 and then get mulched. If you are lucky you might have a few models left turn 3 to follow the pask punisher and claim an objective.

Another alternative to help buff the punisher unit is a PFG libby or tech marine from the DA army. Also remember that if you take Loth or a similar libby their shrouded will buff the pask unit as well as the infantry and their invisibility is super useful when you are sitting across from a 9 vanquisher gun line or double D weapon warhound titan.

On the strategy side when your opponent lacks long range anti tank capable of chewing through 3HP of AV14 in a single turn it is sometimes better to lead with the pask unit so that turn 1 you can claim the cover save from the russ' and then run up turn 2 and protect the russ unit from DSing melta. Some armies this may be important against are; Tau (double fusion crisis suits), SM (when they hold their sternguard for turn 2), nids (run forward to block the melee). Alternatively you can just put a single row forward for the cover save thus saving some of the unit for later.