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I know, I know, dreadnoughts are NOT the best unit at the moment. That being said, I like the look of them. I may as well optimize them as long as I am using them.

In my space wolf list I have mostly Blood Claws, Fenrisian Wolves, and Grey hunters. I have one dreadnought with Assault cannon and CCW. The other dreadnought isn't assembled yet, and I have some arms to choose from. For the right arm I have a Plasma Cannon and Multimelta. For the left arm I have a CCW and twin-linked autocannon. Since I lack a little ranged shooting, the autocannon and plasma cannon are tempting, but do they complement each other well?

Eh might as well go the classic Multi-Melta and CCW route.

If you can right something together that can be used as a firesupport dreads (TLLC/ ML or 2x Autocannons) they can make a decent secondary base of fire to complement your long fangs.

I can't really advise a PC because of gets hot and vehicles taking any penetrating hit not being able to fire a blast.

If you don't have the bits to make a second fire support dread, just stick it in a pod and run a MM/CCW dread to compliment the AC one. They can either be distraction fexes, or anti MC/Heavy infantry units.

Then again, I'm very wary about using dreads that don't just chill in bolstered ruins and shoot (or libby dreadnoughts).

I know you wolves have some slight different options then vanilla players, so take with a grain of salt.

Since we got 4A, I’ve been loath to take the fist off my dreads for more guns. Ironically, I’ve been thinking more about the hurricane bolter on my ironclad, but he’s already got a fist. There is a significant difference between how hard they hit in CC. I’d like to maintain that, rather then get another missile or so I can get elsewhere.

If you are podding, AsC or MM. Footslogging, the longer range options are much better.

Magnets, or even a snug fit on the pegs, is always an option as well.

To answer your specific question:
In general I’m not a big fan of PCs. Small blasts are rife with problems, and it’s not worth the Gets Hot!. That said, the one time I took the PC arm out for a spin on my ven dread, it did alright for itself. As for pairing with the TLAC, that should do OK. Both are S7, and have at least a 36” range. Your primary target is going to be light vehicles, or high T (preferable low armor) targets. as a secondary. IMHO a TLLC or second TLAC would be better then the PC, but if that’s what you have, it should work.

If I had to make your call, and couldn’t magnetize or just leave the arms loose, I’d go MM/CC. Preferably with a HF under the fist.

If you have the kit I would build space wolf dreads with the Axe + Shield in a pod. They become a real distraction carnifex and one heck of a bruiser in CC. Could also pod in with 2x heavy flamer + its fist and give them a promethium shower. The wolves have use of a unit that can get up close and burn out units that like to hide in cover.

I prefer either AsC or TL AC, with fist.

In the first case, I want to walk up, get close, and I want a weapon that can take on literally anything with it's volume of fire and rending. This Dread supports nearby Rhinos / Razors as they advance. It assaults pretty much anything it can.

In the second case, I want to Pod in, smack something around, then have some ranged firepower to support other units while holding an objective. I might add a heavy flamer to help clear the landing zone, depending on points / metagame. I might instead use this to sit back and provide fire support with a sit'n'shoot squad, like Scouts, if they stay in my DZ. With the pod, it has the option to drop in and support the Scouts if they infiltrate. In either case, it makes a reliable fire support unit, with a cover save, that also acts as counter-assault in my meta. Nobody wants to get in range to be charged with a Dread, especially with the nerfs to grenades in combat [if you're using the proposed FAQ]. If I do sit back, I'll just try to drop the pod on an objective and hope to land in range to claim. Worst case scenario, my opponent has to waste firepower dealing with a mid-AV vehicle that costs next to nothing, sitting there by itself!

Yea it seems foolish throwing away the fist with so many attacks now. I like multimelta and fist for a chaos dread, but if we had the assault cannon as an option that might be my go to choice. Seeing as you don't seem to have another assault cannon arm I'd give it a multimelta.

Big fan of Dreads. The key to their use is adaptability. My Raven Guard Dreads are often used to hit a weakness in the enemy battle line from Turn 1 using a Drop Pod, and for this I like the Assault Cannon for its versatility. It'll hurt rear armour more reliably than a Melta due to the sheer number of shots. For my Venerable Dread I went for the Plasma Cannon, partly because it looks cool and partly because BS5 makes it less likely to miss completely when it scatters (as I've seen many BS4 Plasma Cannons do).

My other most used loadout for a standard Dread is as a Lascannon Mortis pattern, which is nice, reliable Anti-Aircraft and Anti-Tank unit (providing I'm not up against Land Raiders).