Hoping to get a bit of feedback on this, it's my first tournament.

Heroes

1 Paladin (General) - Lance, Warhorse, Sword of Might, Enchanted Shield

1 BSB Paladin - Lance, Shield, Warhorse, Biting Blade, Virtue of the Ideal

1 Damsel - 1 Dispel Scroll, Chalice of Malfleur


Core

8 Knights of the Realm - Full Command, War Banner. General Attached.

8 Knights Errant - Full Command, Errantry Banner, BSB Paladin Attached.

9 Knights of the Realm - Full Command

15 Peasant Bowmen - Skirmishers, Damsel Attached


Special

5 Pegasus Knights - Full Command

5 Mounted Yeoman

With that BSB in the Errantry. you really want them to be charging dont you!
I think the BSB may be better off in the second Realm unit, cutting them down to 8 and having him there.
Id advise mounting the Damsel, loosing a Knight from the Generals unit and having her central of the Lance. Adds magic resistance to a key unit, instead of just pesants.

Pegasi dont need FC, although with a unit of 5 it could be worthwhile and quite nasty.
However, maybe consider dropping the Banner and a Pegasi. Along with the above point drops, look at getting a unit of 3 Grail Knights.

Music for the Yeomen and Bowmen, as well as Braziers for the bowmen if you can afford it.

Hoping to get a bit of feedback on this, it's my first tournament.

Heroes

1 Paladin (General) - Lance, Warhorse, Sword of Might, Enchanted Shield
Why take the lance, you Must use a magic weapon if you have it, if you want a magic item, the sword of might is not your best buy by a long shot. Consider the birth sword, heartwood lance, or just use your normal lance + morning star and get a virtue

1 BSB Paladin - Lance, Shield, Warhorse, Biting Blade, Virtue of the Ideal
BSB can't have a lance, also there are better virtues than ideal, duty is my favorite
1 Damsel - 1 Dispel Scroll, Chalice of Malfleur


Core

8 Knights of the Realm - Full Command, War Banner. General Attached.
Looks good
8 Knights Errant - Full Command, Errantry Banner, BSB Paladin Attached.
I echo Phoenix's thoughts, that's a very bad idea, the unit by themselves are nasty enough
9 Knights of the Realm - Full Command
Looks good
15 Peasant Bowmen - Skirmishers, Damsel Attached
Banner and mus. needed. They don't give up points for the banner and with it and the S&S they can win some combats

Special

5 Pegasus Knights - Full Command
Again Phoenix is right, however a banner can be very useful.
5 Mounted Yeoman

The army looks good and you can probably do well with it, i you correct some of the mistakes on the corrects and take Phoenix's advice you would have some more points to play around with.

Ork, you are correct in that the BSB cannot have a Lance, or even a shield for that matter. Possibly give the BSB armour of Anguhlif in that case.
However, Bret Characters can use a lance on the charge, switching to a magic weapon in the second round of combat onwards.