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Their rules are more of a little blurb as opposed to the detailed entries for the other Priest. They do share many of the same options as the other priest though... I know the others can take Terminator Armour.

Yes, they can if they are a Forge Lord.
Iron Priests are not a unit to purchase, rather it is providing extra options for your Praevians, Signallers and Forge Lords. They explicitly keep all of their old options, and additionally gain a couple of Wolf-specific perks.

Praevians and Masters of Signal cannot, as explained in their Consul entry.

*Edited to prevent confusion.