Space Wolves: Iron Priest

The spiritual zen of Judas Priest, the strength of Iron Maiden, Rockin' with his digi-weapon out... we have the IRON PRIEST! (Yeah, I should have known there'd be a cover band by that name.)

Here is an Elites choice that should give the aspiring Wolflord pause for thought. This guy steps in with a statline equal to a Wolfguard and is packing Runic Armour and a Thunder Hammer. A Wolf Guard with that kit would cost 16% more even without the additional Servo Arm and Battlesmith rule. You're getting a nice little deal on those toys. Downside? He's not an Independent Character... so you can't attach him to a unit. This little item certainly narrows his battlefield role. Additionally, he doesn't get any form of Transport.

What about his other gear?
A Wolftooth Necklace is certainly an interesting item if you're going to get him stuck into CC. It's a little on the pricey side, but might not be a bad idea given the number of attacks he has.
A Wolf Tail Talisman is questionable. The Runic Armour already gives him a 5+ save versus wounds from Psychic attacks. The Talisman just extends this to a 5+ versus any psychic against him or him unit. It's certainly not worth the bother if you have a couple Rune Priests around.
Saga of the Iron Wolf is even more questionable. Note that as a Saga, only one Iron Priest can be upgraded with this. The first thing it does is give +d3" to the move of a vehicle he is inside. But since he's not an IC this vehicle can't have anyone else in it except him and his minions. So the vehicle needs to be a Transport, empty of other units and still something that would benefit from additional move. This might be a cute trick to get a Crusader or Redeemer into position quicker... but you're probably better off putting a real unit inside it instead. So really, the only worthwhile thing the Saga does is give +1 to any Repair rolls. This balances out the same bonus given by a Techmarine's Servo Harness. Still, I'd rather have the flamer and plasma pistol...

So where could he be useful?
Well, he is still a Techmarine. Potentially he could play the Maytag Man and focus on repairing vehicles. But then again, why bother? A regular Marine army gets Troops with Heavy Weapons... making them the superior gunline mech. If that's the kind of army you want, why are you playing Wolves? There is a small case for one bought to babysit a couple Predators or the like, but this is a rather limited use for him. The Battlesmith ability is nice but probably better used on a tactical opportunity rather than considered as part of a strategic plan.
So maybe the above and a bit of fire support? Throw in some Thrall Servitors to get some Plasma Cannon shots and/or repair bonuses. Okay, not bad... but static "move or fire" AND BS 3. Plus your Iron Priest's isn't going to be ripping it up with anything better than a Bolter. This isn't exactly on par with a Conversion Beamer. Yet again, this version is possible, but stock Marines do it better.
But what about a different role entirely? Take his Thunder Hammer to the enemy! The first item to up is a bike. The bonus to Toughness makes him 4(5) and bike mobility lets him zip about the field with impunity. Spiffy! Too bad he's still Lascannon bait and Cyberwolves can't keep up with him.
But wait, there's still hope! For just 10 points more than the bike, you can get a Thunderwolf. This gives him the +1 Toughness, Strength and Attack.* Throw in some ablative wounds ala 4 Cyberwolves and suddenly you're talking a much more interesting unit. It's not THE best unit in the Codex, but certainly up there. It's comparable cost and effect to 3 Thunderwolf Cavalry, but different in Force Org and best-case target. The only glaring weakness to the unit is the lack of an Invulnerable save... but T5, cover, and a guy with a 2+ save go a good bit toward mitigating that. Plus, I don't know about you, but the idea of an Iron Priest and a bunch of Cyberwolves also gives me some interesting ideas for some conversions.

*There's currently a debate about the intended benefit of taking a Thunderwolf Mount and if the bonuses modify the base values or are simple additives. Because the description doesn't specifically say, RaW makes him S4(5) and T4(5). This makes his T-Hammer hit at S9. However, the stats for Thunderwolf Cavalry modify the base values, unlike previous 4(5) units like Bikers. So some interpret this to mean the RaI was to modify the base value. This would make him S5 and T5, causing the T-hammer to hit at S10 and granting immunity to Instant Death from S8-9 weapons. It should be interesting to see how this gets ruled, but until then I recommend playing the 4(5/9) RaW version. If a FAQ/Errata later modifies base value, all the better!UPDATE: The FAQ is in and the ruling is for T5 straight, so carry on my wayward sons!

Cheers and hope you've gotten a few ideas!