I was inspired this weekend to make a wolf priest. I forget why though! I took a chaos terminator combi melta and cut off the strange symbols. The chaos gloves and such will look good as my 13th-ish style too. The giant chainblade is the 'Fang of Morkai' which can messily extract progenoid gland. The crozeus is made from a power maul shaft with a wolf standard? bit in place of the head. I modelled a new helmet from him out of a genestealer skull. I had to cut the back of it down a lot so that it would fit into the armour and not protrude oddly. If you look at the feet closely you can see where I have added 2mm of plasticard to give him more height as I have with all of my terminators.
I was looking through the rules for him and I doubt I'd spend points on terminator armour it just made for a far better model. Relic and terminator armour both grant a 2+ save and 4+ invul (wolf amulet) yet the relic armour can sweeping advance and have a pistol for +1 attack in close combat. So there's really no reason to go the other route unless you REALLY need a combimelta.
I'll be painting this guy up in some really dark armour over the next week though I'll have to come up with a squad to run him with. Maybe wolf claw terminators for full rerolls. Now to play a game large enough that 700 points of special characters won't cripple me :)