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Made an earlier post about working on the first 500.

500 pt

HQ
Rune Priest
-Runic Amor
-Chooser of the Slain

Troops:
Grey Hunters X10 WS, MoW Melta, PG

Troops:
Grey Hunters X10 WS, MoW PG X2

That puts it' just shy of 500

For the 1000

HQ
Rune Priest
-Runic Amor
-Chooser of the Slain

Troops:
Grey Hunters X10 WS, MoW Melta, PG, Rhino

Troops:
Grey Hunters X10 WS, MoW PG X2, Rhino

Long Fangs X6 HB, ML and LS X2

Wolf Guard X5 Wolf Claw X2, Thunder Hammer & Shield, MoW, SB, Power Fist and Frost Axe, Drop Pod

That's at 985

I have no experience running Space Wolves, but they are going to be my second army (starting it once I reach 1000 points of so of 'Crons). From the research I have done, this looks like a good list. Includes basically everything I plan on including in my early SW list. Can't go wrong with Meltas. Only thing I might recommend is going with a second unit of Long Fangs over the Wolf Guard in your 1000 point army. From what I have read they are a very effective unit and you might benefit more from two units of them. Once again this is all speculation and based on research since I have not tabled a SW army at this point. I would love an update as to how this list turns out. Keep us in the loop.

With your GH's always take two of the same gun, to maximize effectiveness.

Long fangs work best with all the same gun, or 3/2 split, or a 4/1 to split fire. All bolters, 4 missiles 1lascannon, or 3 missile 2 las are all good in different ways.

The wolf guard could trim some upgrades and just get terminator armor, so they get some swag free. Dual claws is ok, as well as THSS, MOTW is good for a non terminator guard. Power fist is good, frost axe is not. I assume your putting your priest here? Consider running your priest with the fangs, or at least having the option. Also, wg in a pod benefit from combi weapons to shoot stuff as they can't assault the turn they arrive.