I think that you could certainly spare a few points here-and-there. I don't know if you are building to 2000 or 2250. I'll assume the latter.
To save points, knock off the Enchanted Shield from your Lord (already has a great save from the Jug), and possibly even just swap him to a Flail rather than any particularly nasty weapon. You have to drop either the Shield or Crimson Armor- you're not allowed to have 2 magic items from the same category.
The shield on your BSB will only help you survive against shooting, because he'll most likely want to use his additional handweapon in combat. If he's going to be inside a unit (and he should be- probably the Chosen) he doesn't have to worry about being shot. I'd lose the shield.
2 Lvl2 wizards isn't going to do much in most settings. While in a friendly game they might be able to squeak a spell through, if you take this list against any hardened opponent, they're going to snuff out your magic phase like a candle. Tzeentch is a dice-heavy Lore, so you're probably only going to be able to afford to throw 1 spell with each sorcerer, each phase. I would suggest looking more towards magical defense- dropping a level from each of them, giving both scrolls to one of them, and giving the other the Staff of Sorcery to aid in your dispelling. If you are truly bent on casting, I'd look into getting powerstones and also unmarking them, so that they can use the much cheaper Lore of Fire.
You also have too many characters. In any army from 2,000-2,999pts you are only allowed to have 4 characters. These can be taken as 4 Heroes, or 3 Heroes and 1 Lord. Don't worry, it was confusing to me when I started. I would drop the second Exalted personally, as he serves no real purpose (just adds killyness, rather than defending against magic or carrying a banner).
Remember- any regiment that is going to escort a Character could afford to lose a single model. The gap will be filled by the character. So instead of 20 models to have 4 ranks of 5, you could field 19 plus your exalted, to have the same 4 ranks of 5.
I'd try to squeeze another box of Warriors into your budget, and up the regiment to 20. 12 is very small, even for these guys. A lucky spell, a hard charge, or some decent shooting will tear them apart and render them ineffective. 20 of them gives you a huge combat bonus with all of their ranks and ferocity. Halberds are a primary concern- you could drop the shields to save you points.
Marauders are good at 25. I like to mark them Nurgle personally, as they make great meat-shields for the rest of the army and will provide you with a regiment that is NOT frenzied. However, marking them Khorne could be fun. A trick that I've played is to take a small contingent of Khorne Marauders with Flails and use them alongside Wulfrik. Having a bunch of S5 2A screaming norsemen come at you from nowhere is quite alarming to most players, even if it's not the most effective use for Marauders.
Get the upgrades off your warhounds, and even make the units bigger if you can. They're meatshields that are meant to stop your army from being baited around by their Frenzy.
You have too few Core Units. At 2,000-2,999pts you need to have at least 3 core regiments. Unfortunately, Hounds don't count towards that minimum. In my honest opinion, you don't NEED to have hounds. Drop the Banner of Rage from your Chaos Knights, drop your hounds, and use some of your freed-up points to add in a regiment of Marauder Horsemen. These guys work just as well as the hounds at soaking down bullets (although they're a little more pricey) but can also carry a punch in combat. If you wanted, you could forego their Fast Cavalry rule and give them Light Armor and Shields, for a total 4+ save. It's often overlooked, but I wouldn't put it outside the realm of consideration, just because you would be using them as a mirror to your chaos knights- attacking with them and aiming to target the opponent's weaker flank while the knights aim more towards the middle or stronger flank.
You Chosen Champion is allowed a SINGLE magic item valued at no more than 25pts. For this, I'd drop the one-use Death's Head and keep the Favor. However, if you do decide to keep your Sorcerers at Lvl2 and cast a few spells, I'd give the champion of this regiment The Book of Secrets to give you an additional cheap caster. I'd also knock out the Blasted Standard and go with a simple Warbanner. Drop a model, put your BSB here, and you should be absolutely golden.
Those Nurgle Knights are expensive, and still susceptible to Frenzy. I'd be careful with them being baited around, and also be careful not to overestimate them. Sending them in alone and unsupported will only see them destroyed. If you wanted to, you could probably drop one of your core regiments in favor of some Marauder Horsemen. In fact, MoK Marauder Horsemen with Flails are considered one of the angriest regiments in the game. They hit just as hard as Chaos Knights, but at a fraction of the cost.
All together your list isn't bad, it just needs a bit of fixing. Take any of my suggestions, or none at all. It's your army, and you have to enjoy playing it. I would go out with whatever models you have, and play a few games using suggestions from each reply. Find what you like and dislike, and try to get a taste for what works. If you haven't bought your models yet, start small, with a 1500pt list and then see where it progresses from there. Good luck, no matter what road you choose.
