Perhaps, but shooting isn't as good as it was now that there's no volley fire, a penalty for moving and shooting and some obstacles give an 'In the Way' roll of 5+. A table with the recommended 33-50% coverage should have enough cover. Warg Riders can hunt archers quite well if they're included and the Shadowlord still does his thing just as well as ever.

Here is my rough list:

Ringwraith: 55
10 Spectres: 150

Ringwraith: 55
10 Spectres: 150

Castellan of Dol Guldur: Morgul Blade: 45
Castellan of Dol Guldur: Morgul Blade: 45

=500

I'm not too happy about this list though, the 55 point Ringwraiths are a bit fragile without any might or fate, but if I upgrade them, i'll have to drop the Castellans. I'd like to get a Ringwraith like the Dark Marshall for his Banner ability, but this list is too strapped for points.

Second list:

The Dark Marshall: 120
10 Spectres: 150

Ringwraith: 80 (3 extra will, 2 Fate)
10 Spectres: 150

=500

edit: Thinking about it, an Angmar Warband with a Shade leading a warband would work with the Dark Marshall's banner quite well

The Dark Marshall: 120
10 Spectres: 150

Shade: 100
8 Spectres: 120

I should use 16 spectres and 2 ringwraiths on horse.
you've got really mutch magic, so fury (sap) banners and all things like that will runn away. hero's will be killed with ease becouse you hit on their strengt so never have to roll more than a 6 (and warriors never more tan 5+ exept berserkers)
before you'r in combal the half of the enemy force will be halved becouse the half of them runs away.
and when you're within shooting range walk in your magic range and walk those guys in front of theirselves so they are in the way for themself.
bodyguards don't matter, they still have C3 (men) and you kill them on 4+. and kill the hero with black dart for example.

I might have missed something, but where do you see Shadow Lord and Warg Riders in those lists?

1. Nothing runs away because of magic, these guys only go when fail courage tests but given that you have 18 models and most opponents will have 30+, even if you manage to make half move away for a turn it won't make any difference, you're still doing really badly in combat with no spear support and low fight value.
2. Bodyguards might have C3, but they automatically pass tests for moving away, that was my point. Only a fool will let you kill a hero with Black Dart unless that Hero is something like Beregond, in which case only a fool will move that hero within your casting distance.

I'd be confident to destroy a 500pts list like this with forces such as:
a) 3 elven captains, 30 high elves (couldn't be easier)
b) 3 gondor captains, 36 warriors (12 bows will drop some numbers and warriors are still on a 50/50 in combat, but with spear support they are better than unsupported spectres)
c) Well... everything else... 4 goblin captains and 48 goblins won't have the least of a problem with beating a 20 model force with low fight and low defence, no bows and spells that don't kill.


It's a cool idea, but it doesn't work against any semi-competent player.