So here's the list:

Epic heroes:

Gimli 175 pts

Dain 200 pts

Legendary formations:

Durins guard 3 companies 350 pts

Common formations:

Dwarf warriors with shields and captain, banner, shield bearer 6 companies 350 pts

Dwarf archers 3 companies 105 pts

Dwarf rangers w.bows 3 companies 120 pts

Rare formations:

vault warden kinband 2 companies 140 pts

Dwarf ballista battery 3 companies 180 pts

Ered luin rangers 3 companies 180 pts

Allies:

Gandalf the grey 200 pts

Points total: 2000 pts formations: 7 companies: 23 might: 17


So what do you think?
How will this list do?

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"Baruk Khazâd! Khazâd ai-mênu!"

-Dwarvish war cry

The Ered Luin Rangers would be better in a formation 2 to take advantage of their ambush rules, although I would say ordinary rangers are better.

Durin's Guard could do with another company as they will attract a lot of fire and D7, whilst high, won't save you from arrows forever.

Dwarf warriors could do with dropping two or three companies (can always split or replace with Durin's Guard) as three companies are enough and four companies are useful to soak up incoming fire and wounds, whilst dishing out the dirt.

I wouldn't bother with Dwarf acrhers as the 18" range is pathetic. Upgrade to Dwarf Rangers with bows (separate formation to your others to allow two targets a turn). They cost 5 points more, with one less defence, but can walk through terrain easily, have an extra 6" of range (as well as a further 3" of S2) and have throwing weapons for when the enemy gets close, to help them survive combat (less enemies = less attacks = less possible wounds, as opposed to +1D to try and reduce the chance of all potential wounds hurting).

Otherwise, it looks good: plenty of bodies to soak up damage and dish it out, plenty of formations to co-ordinate multiple attacks and a decent firebase. Magic may be a pain against you, but nothing you can't deal with with high defence, decent courage and lots of bodies.

Durins Guard is too expensive! You are paying 200 points not counting companies! Just take regular Khazad Guard

I would also drop the Ered Luin! They are too expensive with 60 points per company