I picked up the Space Wolves Codex, mostly to see what the fuss was all about (since I'm not a SM player - although I could be convinced with this book).
As I seem to do, I find some very good reasons to convert some models, and design lists around them. This is just such a list.

Gunnvaldr's Grey Stalkers

Gunnvaldr the Stalker
Wolf Guard Battle Leader (165)
-Saga of the Hunter; Frost Axe; Storm Shield; Wolftooth Necklace; Fenrisian Wolf x2

Wolf Guard x3 (95)
Svartbrandr the Poet - Power Blade; Storm Bolter
Stigr the Lost - Power Axe; Storm Bolter
Harulf the Bloody - Mark of the Wulfen

Einar the Remorseless
Lone Wolf (8O)
-Thunder Hammer; Storm Shield

Wolf Scouts x6 (125)
-Melta Gun; Power Weapon x2

Grey Hunters x8 (155)
-Plasma Gun; Power Fist

Grey Hunters x8 (155)
-Plasma Gun; Power Fist

Blood Claws x8 (12O)

Long Fangs x5 (105)
-Heavy Bolter x2; Missile Launchers x2

Total Army Cost: 1000
Models in Army: 40 (+2 Wolves)

I know, it's a purely infantry army, but that's not too much of an issue, it's only 1000pts afterall. If I was going to expand the list I'd give them transports (and expand some units).
Anyway, Gunnvaldr the Stalker, thanks to the SotH, starts in reserve along with the Scouts, ready to pound stuff into paste when they arrive. A decent Inv Save, along with the Str boost of the Frost Axe, and the hitting help of the Wolftooth should see him cleaning up plenty of squishies, and even some crunchies without too much hassle.
Svartbrandr and Stigr lead the Grey Hunter squads, lending some firepower and fluff. Harulf on the other hand, adds some brute force to the Blood Claws.
As for Einar, well, he's there to do his thing...die spectacularly, hopefully after killing something big and nasty.
I realise that there's not a huge amount of anti-tank punch to the army, but unless they're up against a LR in a 1000pt game, they should be good to deal with most thing.