Okay, after
much deliberation, I think I finally have my ultimate squad (I made this quite hard on myself, as I was always just a few points shy of getting the squad I wanted). Since posting this thread, I have been concurrently working on three separate lists and repeatedly tweaking and comparing them in an Excel spread sheet. One list even featured both Archaon and Mazdamundi (but obviously not much else

). Truth be told, I really wanted to include Mazdamundi in my squad, but in the end I went in an entirely different direction.
Something
@Killer Angel mentioned, really got me thinking, and greatly influenced my list:
Man equipment. Not that great, but i'm with Karkl Franz… that equipment will be the best humans can manufacture, and at least Teclis can give me some buff.
This became the impetus that got me thinking about possible secondary and tertiary roles that characters could preform beyond the primary role of their category designation. This influenced several of my choices in the list, but most especially my wizard choice. My list is based on speed, magic, versatility and big monsters. So here we go:
Second in Command: Malekith ($6) ➨ Malekith is the perfect combination of all four elements that my squad is built on (speed, magic, versatility, big monsters). Not only is he a fantastic fighter and experienced leader, but he is also an accomplished lord level wizard. That's already a nice two-for-one bonus, but then there is the fact that he comes with his mount Seraphon, the dragon. This really gives him some significant additional offensive punch and gives him the ability of flight (a major theme of my list).
Wizard: Drazhoath the Ashen ($4) ➨ Drazhoath is the ultimate jack of all trades. While in terms of magical ability he
clearly isn't anywhere as powerful as Kairos, Teclis or Mazdamundi; in its place he offers a lot a whole lot of versatility. Firstly, in terms of magic he is still a lord level caster and quite potent. Plus, he doesn't have to necessarily out-magic some of the bigger boys on the list, because he is backed up by my second lord level caster in Malekith. Together, they provide an ample amount of magical dominance. Secondly, Drazoath is not a squishy wizard; he is well armoured and can put up a decent fight on his own. Of course he is not on his own, he also has his mount Cinderbreath, a mighty Bale Taurus. So, just like with Malekith, I now have a second powerful flying monster in my squad. It is at this point where
@Killer Angel 's comment really got me thinking... Drazhoath offers me so much more. As an elite level Sorcerer-Prophet, Drazhoath is also a master in the creation of war machines and daemon-binding (think magic weapons, armour and K'daai). Admittedly, some of this is aimed at the long game (one of my key objectives would be to establish a fortress/castle safe-haven), but the creation of some magic weapons/armour for my own personal use would be the first task I would set him upon once we have the facility to do so. So the trick is surviving until that point.
Duelist/Fighter: Konrad Von Carstein ($1) ➨ On the surface level, Konrad is a bit of a liability. He is a wee bit crazy and impulsive, and would pose a risk to any allies or troops I might acquire in time. I was really aiming to try to fit the strong and dependable Gor-Rok into this slot, but I only had a single extra dollar remaining so it was either upgrade to Queek Headtaker or put the money towards upgrading my rogue/assassin choice, I decided on the later. And then as per
@Killer Angel 's comment, I had a true eureka moment! Konrad you see, offers one key function that none of the choices across any of the categories can provide. In every one of our lists, what is the weakest link?... We are. We're just plain humans and what's worse, we are coming from an overly comfortable technological age that makes us pretty ill-suited to the harsh realities of the medieval age (let alone the fantastical and significantly more dangerous version of it that is the Warhammer world). We have categories to give us powerful mounts and magical weapons/armour, but the fact still remains that we're still just plain humans. And this is where Konrad offers a unique solution to the problem... vampirism! So say goodbye to human NIGHTBRINGER say hello to Vampire NIGHTBRINGER!!! Of course this course of action has its downsides, but for survival, the upsides are immense. Also, I wouldn't have to commit to this right away (or at all... but I probably would), but the option is nice to have.
Muscle: Throgg ($3) ➨ Throgg is a good bargain for his price. He is an extremely powerful troll, but more importantly his intelligence is truly unique among his kind. Also, his ability to to regenerate from wounds incurred is immensely useful. Sure, I'd rather have Kholek, but I believe that those funds are better spent elsewhere.
Rogue/Assassin: Prince Apophas ($2) ➨ This is a cost saving measure. Originally I had Gitilla, but with the extra dollar I had left over, I decided to take Apophas instead.
@Lord Agragax of Lunaxoatl raises some good points in regards to Apophas. He is a supernatural entity that is very difficult to kill conventionally and is equally difficult to defend against. He is a unique tool for the squad which provides me unique options. Also... he flies. For those that have been reading along, that is now the third flying element I have in my squad.
Mount: Star Dragon ($7) ➨ Another flying beastie!! Of all the mounts, I knew I wanted one that flies. That left me with the Star Dragon, Imperial Griffon or the Royal Pegasus. In my other two lists I had created, I settled on the Royal Pegasus to save points.
@Lord Agragax of Lunaxoatl had previously stated that the Mournfang was superior to the Royal Pegasus, I could not disagree more. The Mournfang is indeed more powerful, but flight is worth so much more. Flight allows you to survey the land, to stay out of the thickest of dangers and get out of any bad situation you might find yourself in. It also allows you to get to areas of advantage quickly and relatively unimpeded. You can also access areas that might otherwise be inaccessible. Of course, since I was able to scrap up the points, I can have flight AND significantly greater offensive potential in the form of a Star Dragon. With the Star Dragon I now have 3 powerful flying monsters in my list and the flying Apophas. That is some air force! With that might, my squad would be unmatched in the skies and could very quickly put a lot of pressure on any singular weak point in the enemy lines/formation, before flying off to decimate another target. You know that if your boy NIGHTBRINGER is going to have a mount, it's going to be a mount with style

!
Weapon/Armoursmith: Skink ($2) ➨ Why Skink armour?... cost saving (and I don't trust goblin workmanship, even for the short term). I needed the points elsewhere, and my squad gives me alternate ways to protect myself. First, I have flight via my dragon. Second, a star dragon is extremely formidable and will lay waste to most threats. Third, I have Drazhoath who can make magic items, so if I can survive, I will have access to top tier equipment in the long run. Lastly, the Vampirism option provided by Konrad (increased abilities, strength, reflexes). All in all, I fancy my chances of surviving until Drazhoath can do his thing.
And there we have it. My list based on speed, monsters, versatility and magic. I have two lord level casters. I have 4 flying elements in my squad... 3 of which are extremely potent monsters. The slowest thing in my squad is a troll and a vampire, each of which is much faster than an ordinary unmounted human. I have Drazhoath to forge me magic weapons, armour, war machines and K'daai. I have a muscle bound smart troll and a vampire to upgrade my limited human form. That is my ultimate WARHAMMER squad.