After a few years out of the hobby, I've decided to come back since I heard it's making something of a resurgence, and I want to start with the army I'd coveted before but never got around to building: the Grey Company.

Warband 1:
Halbarad Dunadan with Banner of Arwen Evenstar
4 Ranger of Arnor with Spear
6 Ranger of Arnor

Warband 2:
Malbeth the Seer
4 Ranger of Arnor with Spear
6 Ranger of Arnor

Warbands 3-4:
Ranger of the North with Spear

Warbands 5-7:
Ranger of the North

Comes to 500 points exactly, 27 models. Not sure how useful the banner is, maybe an extra RotN and four RoA's would be better, but I've always really liked the Halbarad with Banner miniatures (speaking of which, how come they're so hard to come by these days?). Malbeth's foresight ability seems really useful too but maybe Arathorn is the better option with three might and attacks? Any advice would be appreciated.

I think this looks pretty solid. I mean it might run into some real problems depending on deployment and the build of the opponent but it has potential. I would not suggest swapping out Malbeth since the save his gives will help mitigate the overall low defense of your troops. Horses for the rangers is an idea but that might cut into your numbers to much. I think that the only scenario that this army is going to be able to strut its stuff is in To the Death. Otherwise, the demands of perusing board control or objectives will hut the shooting quite a bit. The might from the rangers might be useful for marches to counter that but it is going to be a problem.

_________________
"Draw your sword with a heavy heart, but swing it with a heavy hand"