Just got a text saying we'll be uping the points value this week of the armies to 500. So i'm changing a few things around in my 400pt. list to make room for an actual named character.

My debate for the hero to lead the force lied between Elladan/Elrohir or Halbarad. I opted for the latter because not only is he meant to lead the men of arnor while aragorn is off doing his own thing, but the banner he can bring to the force is much more valuable since i'll be starting off with a low model count to begin with.

Halbarad - 135pts.
-Banner of Arwen Evenstar
-Horse

4x Rangers of the North - 100pts.
16x RoA - 144pts.
9x KoMT - 117pts.

Total is 496pts. with 30 minis, and 21 shots! I'm in the process of converting a halbarad model to be mounted on horseback because that extra attack is going to make him nasty.

cal

Never played Grey Company, but I'd say it look pretty good. I like the knights combined with the shooting.

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http://noddwyr.wordpress.com

Does it have to be LoME legal?

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"There are few left in Middle Earth like Aragorn, son of Arathorn." - Gandalf, Many Meetings

ALLWAYS go for the elven twins, they are seriously good value and pack much needed punch into Grey company armies. For a mere 170pts you are getting 6 might, and potentialy 16 S4 strikes!!

So for 500pts im thinking...

Twins with heavy armour and horses 170
6 Rangers of north 150
21 Rangers 168
(12 of which with spear) 12

So thats 27 shots and 12 might points

The banner of Evenstar is good but i would only take it in higher point games, at this level i would definately go for the twins then maximise on bows.

I've often found that many players that put their heroes on horses while the rest of their army is on foot are easy to lure away and take on piece meal. I know the extra killing power of the mounted models but they need to be played with serious caution or it can be a liability.

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Wait ye the finish! The fight is not yours.
Beowulf

http://TacticsInMiniature.com

Well you should allways excercise caution, mounted or not. I have used this list many times and to great effect.
You are correct in some instances, eg agaisnt multiple wraiths or something similar it may be better to take elven cloaks instead of horses, but the only liability i can think of is that the enemy can get more men into base contact, whether there are any other cavalry in your army or not i dont think matters terribly.