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HQ:
Bloodthirster with Grimoire & Greater Reward - 300
Bloodthirster with Greater Reward - 270
Karanak - 120
Herald of Khorne on Juggernaut - 100
Herald of Khorne on Juggernaut - 100

Troop:
10 Bloodletters with instrument - 110
10 Bloodletters - 100
10 Bloodletters - 100
10 Bloodletters - 100

Fast Attack:
8 Flesh hounds of Khorne - 128

Heavy:
Soul Grinder of Khorne with Phlegm - 165
Soul Grinder of Khorne with Phlegm - 165
Demon Prince of Khorne with wings, warp forged armor & greater reward - 240

I've run this list at smaller points levels before, but using only 1 Bloodthirster and no Demon Prince (I have yet to get the models for them) and I feel that a little more FMC saturation would benefit this list greatly.

The heralds, Karanak and the hounds all go in a single unit, and take receive the bonus from the grimoire of true names. This is risky, I understand, but from past experiences I only really need the grimoire to work in the first turn, as after that, 3 FMCs and some deep striking Bloodletters strategically placed will force the enemies fire in new directions (maybe... as I say, I have yet to try this list out as it is)

Beyond that, the strategy here boils down to "Blood for the Blood God!"

C&C?

I personally would run the flesh hounds at size 20, get rid of the heralds, and replace the grinders with more DPs.

I'd also increase all the bloodletter squad sizes to 15

Bloodthirster-Grimoire, Greater Reward
Bloodthirster-Greater Reward
15 Bloodletters-instrument
15 Bloodletters
15 Bloodletters
15 Bloodletters
20 Flesh hounds of Khorne
Demon Prince- DoK, wings, armor, greater reward
Demon Prince- DoK, wings, armor, greater reward

Bloodletters are very weak at only T3 with a 5++ save. Usually 60 daemonettes/bloodletters seems to be a safe amount for people.

More FMCs the better, more flesh hounds the better

karanak is cool but hes 120 points of other stuff you have to give up. I'd personally rather have 10 more flesh hounds than 1 karanak.