I've started to become ensnared with the "fluff" for the Witch King's realm of Angmar. As such, I've decided to throw together a list. The Angmar army is pretty similar to the Mordor list, I'm not sure the addition of some spectral heroes balances out the loss of the more "elite" warriors. Especially since I don't think I'll be using any at this point value, lol.

The Dwinmerlaik, armored horse
6 Orc warriors, shield
6 Orc warriors, spear

Angmar Orc Shaman
6 Orc warriors, shield
6 Orc warriors, spear

Burhduhr
12 Orc trackers

That should be 499 by my count.

D5 and 4 compared to 6 and 5 with Morannons hurts. Very low on might, but the Dwimmerlaik counters that a bit and Buhrduhr is very nice with 3 might. I know Trackers are poor, but with such low D if they can take out or distract a few bows, I think they could help.

What do you all think?

Well, packing a named monster and a named wraith into 500 points creates the same issue

I like using Burhduhr, you could center the army around him and use a budget wraith instead. All the wraith has to do is neutralize one or two heroes at 500 points, and let Burhduhr do his thing. This would give you enough points to start a 4th warband. Also, not sure I'd put Burhduhr with the trackers, since they have to hang back to shoot and he needs to be in the fray. The trackers need their own shooty captain.

If you're on a budget, why not consider a Wight as a hero-neutraliser?

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Honba

Well, the whole reason I want to play LotR in the first place is to use a Ringwraith, so I'd drop the Troll before I dropped the Wraith.

An alternative with more troops would be

The Dwinmerlaik, horse
6 Orc warriors, shield
6 Orc warriors, spear

Angmar Orc Shaman
6 Orc warriors, shield
6 Orc warriors, spear

Orc Captain
10 Orc trackers

Barrow-wight
3 Orc warriors, shield
3 Orc warriors, spear

Only 2 Might, and he's stuck with the Trackers, but with the Dwimmerlaik and a Wight, I should be able to neutralize a lot of the enemy Might. Or I can swap the Wight for another Captain with Shield and a Tracker.

Is this one better?

Perhaps use trial and error with the Wight. I've never fielded one before, but reading the Paralyse rule… it could be extremely useful.

Looks like you're going to engage as early on as possible to make use of both the Wraith and Wight; is it worth swapping the trackers for combat-based warriors? (I hate to suggest such a thing because the trackers are brilliant models and not seen very often!)

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Honba

Another attempt at an Angmar list

The Dwinmerlaik, armored horse
5 Orc warriors, shield
5 Orc warriors, spear
2 Spectres

Angmar Orc Shaman
5 Orc warriors, shield
5 Orc warriors, spear

Burhduhr
5 Orc warriors, shield
5 Orc warriors, spear