Grey Hunter Squads form the heart of most space wolf armies. While they are not as good currently as what they were compared to the historic 5th ed codex they still are better than there peers in codex Space Marine. They will out fight a tactical squad in assault and outshoot them on the move due to the ability to take two special Weapons rather than a special + heavy weapon. The key is to tailor the load out of the grey Hunter Squad to its role on the battle field.
Special Weapons
Grey Hunter Squads need to be tailored to meet the required role. Against infantry x2 flamers, heavy armour x2 plasma guns (+ plasma pistol) and vehicles x2 melta guns.
Placement of the model in the squad needs to ensure that the special Weapons can deliver maximum damage output but ensure that are not in a position where they can be easily targeted.
Power Weapons
The ability to hide a power weapon on a non character model in a squad is the main reason why the humble Grey Hunter Squad out plays a codex space marine tactical squad. The wielder cannot be challenged in assault and as a result is significantly more survivable than a character armed with a power weapon. The choice of power weapon again needs to be tailored to the required role. Against vehicles a power fist is essential but against any other target a power axe is more points effective and better than a power sword.
Wolf Standard
This single item was at the heart of the old 5th edition codex and allowed for some truly broken abuse of the rules. The current version gives +1 attack to any unit within 6" and reroll moral checks within 12". Placement if the model is key. They need to be protected and placed so that the 6" bubble interacts with as many units in assault as possible. Placing the wolf standard on the model carrying the power weapon helps to do this.
Wolf Guard Leader
Adding a wolf guard leader to the squad is expensive but does have many merits. They will increase the initial Dana he output of a squad but at a premium. It suits a drop pod delivery system over other means due to the alpha strike nature of drop pods. The wolf guard leader allows access to a combi weapon which should always match the others in the squad. Power Weapons are expensive and as the wolf guard leader is a character vulnerable in a challenge meaning that this tends to be a unnecessary outlay . A melta bomb on the wolf guard leader is a good investment if the squad is likely to go up against vehicles. If the squad is likely to end up in assault or if you a planning on placing an independent character in the squad a wolf guard leader in terminator armour running a storm shield and combi weapon adds a significant amount of survivability and allows the wolf guard leader to take on unwanted challenges.
Extra Close Combat Weapon
Essential if there is a chance that the Grey Hunter Squad could end up in assault. Combined with the wolf standard a single grey Hunter will make 4 attacks during the first round of assault. This is significantly more than most other troop choices in other codex's.
Dedicated Transports
This depends upon many factors. If the Blackmane formation is being used then the free drop pods are a must take. The same is true if the Iron Wolves formation is being used then a razorback loaded with every free upgrade is the only real sensible choice (assault cannon or Las cannon). The razorback will limit the squad size to 5 however.
If a standard force organisation chart is being used my personal preference is to use a drop pod over a rhino or razorback.
The combination of objective secured on a AV12 3HP vehicle that delivers your squad to a position without taking a turn or two to get there (whilst being shot at) is to good to turn down. Granted they lack mobility after the initial landing but this can be accounted for in the rest of the army list. When taken en mass they can restrict the movement of opposing forces and cause the opposition to have to responding a reactive manner.
Rhinos are to fragile and likely to be immobilised leaving the squad to move on foot to its target location. With only two fire points only two members of the embarked squad can fire. If the vehicles moves faster than combat speed then these weapons are being snap fired. Damage output is likely to be limited.
Razorbacks while having a greater damage output that ether rhinos or drop pods need to be moving at combat speed to make best use of the large gun that's sat on its roof. This is a lot of circumstances is in direct conflict to moving the squad in side to its desired location to disembark as quickly as possible.
To sum up. Dedicated Transports role is to transport a unit to a position on the battle field quickly and safely. The drop pod does this better than other choices. High damage output is best left to other units. The drop pod does lack the ability to be able to redeploy said unit however meaning that initial deployment us key.