Ok well i think it depends on how you play as a player (i.e more aggressive or defensive)
I have a hunter orc army and from experience you have to go all out and rush in or you can end up in tricky situations. 2 attack from a basic troop gives you a big advantage in combat but their low defense makes them very easy to bring down if you end up in a spot of bother.
I rarely have bows with any of my hunter orcs as i feel they are wasted being held back and used as archers. Even though Azog is a beast when it comes to playing armies such as dwarves and taking down enemy hero's i would suggest maybe dropping him and replacing him with a cheaper hero and use the remaining points on more infantry (if thats possible with your budget). Hunters on fell wargs come in handy very well for the hobbit scenarios..... but with a budget being in place, buying the additional fell wargs and spare hunter orcs on foot to use as replacements in the event of you losing one or the other in combat is a barrier.
As for dwarves i would they are a more solid bet with their high defense and the options for shields. Again i would maybe look at alternative hero's to allow you to field more troops. Lastly for the points value and higher defense i would go for all erebor warriors as opposed to a mix of them and grim hammers. (still think the grim hammers stats should be better as they appear of more an elite troop in my eyes clad in all that heavy armour). Only downside is their limited movement and with some scenarios being about controlling areas on the board.. it makes it a little tricky!
If your looking for just a few sociable games then go for something you would personally enjoy using... But if your looking to be competitive and win all your games then go over the scenarios and look into what would suit you best for those.
Im sure some of the more experienced guys on here can help with all the smaller details i.e wargear etc to add to your forces once you have made your mind up.
Hope my ramble helped and good luck for the games night, wish my local GW would do something similair
