In regard to the dwarf list, I'd drop the vault warden as although def9 is pretty great with just one he's not gonna do a great deal, if you go with vault wardens then i think you need to go with 3 or 4. Drop the two handed weapons on the dwarf warriors, I don't have my rulebook to hand and can't remember exactly what the penalty is but I think they can't use their shield. You've now got 31 points to play with, you could by another two iron for some added punch, or you could buy one and use the rest of the points on Iron hill veteran upgrades.I'd also drop the two handed weapons on the rangers but that's just a personal dislike for them, I only ever use them in one on one fights and although I'm not sure what the norm is numbers wise at 500pts dwarves are quite likely to be outnumbered.
Unless you're in love with Gimli then Balin is always a better choice getting the best of both worlds of Gimli's axes of the dwarves special rule. So you could be better of with something like:
Murin and drar:
8 rangers with bow
4 khazad guard
Balin with Durin's axe:
3 Iron guard
6 Iron hill veterans with shield
3 khazad guard
Which leaves you with 3 points to play with for two handed weapons on the rangers if you like. You've got 9 might and 8 bows which isn't too bad (personally I wouldn't bother with bows as dwarves are good at sucking up bowfire, but I'm trying to keep it reminiscent of your original list ) 14 models with str4 and defense 7 though they could struggle without spear support. Murin and balin are both good fighty heroes and the 3 iron guard pack a punch.
Just my thoughts hope it helps
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Murin and drar can only lead 11 warriors.