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A few thoughts:

By not taking any Marksman, you're really forfeiting one of the benefits of going Reikland. BS4 is fairly powerful starting out, and Blunderbii (plural of Blunderbuss?) don't take advantage of that.

I try not to take Hired Swords in a starting warband. 40gc right now will buy you another Henchman and a half. You can use the 20gc a game upkeep hiring more dudes and buying nicer equipment. I'd say to wait on Hired Swords until you get some cash in the bank.

I'd say to drop the two Blunderbusses (+60gc), drop the Elf (+40gc), take your remaining cash (40gc), and spend the 140gc on more Marksman and bows (or maybe crossbows).

Here's what your Warband could look like:

Captain: Duelling Pistol, Club: 88 GC
Champion w/ Club & Dagger: 38
Champion w/ Club & Dagger: 38
Youngblood w/ Halberd: 25
Youngblood w/ Halberd: 25

Swordsman w/ Sword & Dagger: 45 GC
Swordsman w/ Sword & Dagger: 45 GC
Marksman , Long Bow, Dagger: 40 GC
Marksman , Long Bow, Dagger: 40 GC
Marksman , Long Bow, Dagger: 40 GC
Marksman , Long Bow, Dagger: 40 GC
Marksman , Bow, Dagger: 35 GC

That will land you at 499GC. The benefits of this list, in my eyes:

1) More bodies means less rout checks
2) Takes advantage of your Reiklander BS4
3) Lots of accurate shooting means more dead bad dudes, even before your melee guys get into contact
4) More experience-earning henchman