Right then. Well, I have not posted in a LONG time.
The list.

EPIC:
The tainted

Common:
Spectres; 3 companies

spectres; 2 companies

Orcs; 4 companies, w/ banner, drum, captain, shaman.

Riders of the dead; 4 companies

Allies:
Wargs; 3 companies, w/ captain

goblins; 3 companies, w/ captain, shaman, bows

The RW will eat at the foes courage with magic so that the spectres special rules are more likely to work.
over all the list forms a small fast elite army, the lack of monsters is countered with magic and I think the spectres counter the lack of rare formations very well.

Open for criticism.

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Nekros Mortis's spectres WOTR
Mordor WOTR/LOTR

An eccentric hattapunk

I like it. It looks a lot like my Dol Guldur army in several areas, and I admire how you're keeping to theme while working at a competitive force. That being said, you DID ask for input.

Make sure you give your Goblins and Orcs shields.

I'm not 100% sure if your Wargs are wild wargs or warg riders. I think Wild Wargs and they are my preference most of the time, but if you have the points to draw from on allies then you could always up them to Warg Riders with shields for a little extra defense at no real loss while gaining Thrown Weapons as well.

Get some Ghostly Legions in there. The Specters are great but having a couple 3-4 Company Formations of Ghosts as well would keep some of the attention off the greater threats and give you some nice infantry to Spirit Walk right thru terrain or other formations to secure a flank or rear charge, and the more Spirit Grasp forces you have the better too. My Dol Guldur army ate Dwarf and Elf armies for breakfast when we were building them during a local Tale of Gamers thanks greatly to Spirit Grasp (yes, Captains/Heroes are in there but they are STILL lower Courage than some of these model's Defense). They are all plastics, quick to paint and the extra points gives more to allies if needed.

Shades. Oh yeah. With Epic Strike being a threat a couple Shades zipping around keeping everyone at a nice Fight 2 levels the playing field greatly. Now you don't need to care about having a Captain in your Ghosts for At the Double, because he's as good of a Dueler as most Heroes now.

And as a final suggestion, I think you should definitely play as an Angmar Battlehost. It will cost you a little less than another Shade but they are one of the BHs that really benefit their force. You already selected the Tainted so it will give all BH Formations within range +1 Strength. AND, best of all, all your BH Formations and models in it are immune to the Shade's effect (if within range). So now your Nazgul could call an Epic Strike, F10 against any other Hero at F2. You are +8 before the first die is even thrown, if they are foolish enough to take you on.

Go Spirits of Evil!!!

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

http://TacticsInMiniature.com

Nice thinking, but I don't currently own the BH rulebook. As soon as I get it though.
The main scare of this army is that it has the ability to pulverize any low courage army I want, and with the tainted's courage sapping magic, and his 'The Nine' extra rule. The spectres have the 'Sap Strength' rule as well as the norm spirit grasp, terror. All preying on low courage enemies. But high courage elves being a common army these days methinks you have a point. Shades, at only 100 points it is a rather good unit, after all the spectres are only fight 2 anyway.
Oh and the cavalry are only wargs.

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Nekros Mortis's spectres WOTR
Mordor WOTR/LOTR

An eccentric hattapunk