I have a Wolf Lord and two Wolf Guard Battle Leaders on Bikes and they usually perform greatly for me. (I also play both 13th Co. and "ordinary" Space Wolves - with the same models.)
In 1700-1850p games I find them to be a *must*. There´s no where else where I can put so many independent characters but on Bikes. Even though I still use a Mechanized list with Rhinos *shock* *horror*, Escalations usually screws them up when their Grey Hunter or Blood Claw Pack is in Reserve.
Blood Claws/Storm Claws aren´t a must, to support them with, but can be handy. But! Whatever you do, don´t buy a Storm Claw Bodyguard for your Wolf Lord, unless you´re out of Fast Attack slots. The Wolf Lord don´t have
Scouts so won´t set up in Escalations. If the Storm Claw Bikers are bought separately, atleast they can start to be useful in turn 1 - 2...
I use my Bike-Characters to sneak up behind and/or through terrain and go for small, vulnerable Squads. Las-
plas Squads are nice targets, just try to kill them off in the enemy turn. You can also tie-up enemy Squads to block off
LOS to your Rhino- or Drop Pod-borne troops. On the turn they disembark obviously. That can mean you´ll get the charge after all or atleast get som protection.
As for equipment, I give my Blood Claw Bikers 2 power fists and a flamer. Sometimes also a Wolf Guard Leader with a power weapon and a bolt pistol.
Storm Claw Bikers get 2 power fists and a power weapon on the Wolf Guard Pack Leader, often also a Mark of the Wulfen...
The Characters themselves get a frost blade, frags, bolt pistol, melta bombs (very often useful) and usually a runic charm. Plus the bike obviously!
It´s not that overall expensive.
The 13th Co. Wolf Lord usually gets a Mark of the Wulfen, but he is sometimes
too killy with that..!
I haven´t tried a Rune Priest or Wolf Priest on Bike yet, but they seems useful. Healing Potions and Balms will make them more durable and a Storm Caller makes them nastier in combat and adds even more protection I guess.