With little less tweaking, how about:
Sanguinary priest + Valour's edge + bike
3man bike squad + 2x grav gun + combi-grav
10man tactical squad + heavy flamer + melta gun + combi-melta + melta bombs
drop pod
5man tactical squad + heavy flamer
Razorback + las/
plas
10man death company + jump packs + power fist + power sword
Predator +
TL-lascannon + lascannon sponsons + overcharged engines
Valour's edge is ok weapon if you run into a challenge or close combat with your bikers. Dunno if you have that sword/combi-grav arm of the priest magnetized.. then it's a case of taste. I'd combat squad like your propose the 10man unit after drop. heavy flamer on one and two melta's in other. Try to pop some transport with melta's and maybe supporting trilas pred/razorback and barbecue the insides with the other combat squad. Give cover to your advancing dc blob (270p unit will draw a lot of enemy fire) with your razorback up till middlefield and let the heavy flamer 5man squad sit on an objective. Can you use baal strike force if the list composition is inside the tourney restrictions or is the red thirst unavailable here?
BA usually requires the red thirst to reach mid tier,
imho. If you want to save those points, give a plain chainsword to priest and predator doesn't really need the overcharged engines with las range. Veritas vitae is a neat and cheap upgrade for the warlord.
Snykyninja's suggestions are also good, but if you don't have the models or magnets

This could be just a minor tweak.