(( lukesalter2004,
A couple of quick thoughts / ideas:
1) Your army is basically a cavalry Light Council. That's a tournament army.
2) I would suggest the following to free-up some points:
2-A) For your Arch Lector, I know a number of players swoon over the Charmed Shield. I'm not impressed with it. A savvy player will plink away any character they think has the Charmed Shield with arrows or magic missile effects (effectively using up the enchantment), and then hit it with the big stuff. I would save the points, and just get a shield.
2-A-1) Though, with the Arch Lector's moderate fighting abilities, the norm is to get him a two-handed weapon, so at least when he hits, he hits hard.
2-B) I find the Power Stone to be overpriced, for it's one-time trick. I'd just drop it, and rely upon your 2d6 roll + 3 channeling rolls for your power dice. Shoot, for a few more points, you can get a Power Scroll that almost-auto-gives you irresistible force... which is usually what a player is trying to do, when the max-dice-cast spells.
2-C) For the BSB, I'm fond of Full Plate, Shield, Pistol, and Ulric's Cloak. That gives him a 3+ Armor Save / 5 + Ward Save (2+ vs. Fire), and makes him trickier to hit in melee. With how critical the BSB is in keeping our mediocre LD more reliable, I just don't see giving him a magic weapon as a good idea.
2-C-1) Though, if you do want to give him a magic weapon, I would, instead, suggest a magic banner. Right now, his Sword of Might affects his three attacks only. If you get him a magic banner, it'll affect all the attacks in the unit... his... the wizards... the priests... the foot soldiers. It has a better Meta effect.
2-C-1-a) Though, doing so, you have to be willing to accept the risk that your BSB will have a 3+ Armor Save / 6+ Parry Save as his only protection. Basically, anything you give your BSB to increase his combat effectiveness decreases his protections... which means you have to be willing to accept the BSB becoming more and more of an easy-pickings target.
2-C-2) As an added benefit of Ulric's Cloak, if you get your BSB WS 10, via a Light buff, you do stand a pretty good chance of having him get hit in melee only on 6s.
2-D) On your other Captain, I'd drop the Potion and Luckstone. I know it's all of a handful of points; however, dropping those items lets you get a champion for one unit of Demigryphs... or almost upgrade the Power Stone to a Power Scroll.
2-E) With the Knights already giving a -1 or -3 to Armor Save, I don't find the Razor Banner necessary. I'd suggest, instead, a banner to increase their movement (and thus their threat-radius), or a Terror Banner, which allows you to add psychology into the mix... or the Flamming Banner, if you think you're going to face a lot of regeneration-type enemies.
2-E-1) Yes, Fear and Terror aren't what they used to be (and many armies will resist their effects reliably); however, eventually your opponent will fail Fear / Terror LD checks.
2-F) Overall, your army is highly mobile... except for your Great Cannon. At some point it'll be left by itself, and become easy pickings for your opponent.
2-F-1) Something to consider, in its place, might be some Outriders or Pistoliers (since you mentioned the strict composition restrictions). Yes, both units are glass-cannons; however, they are highly mobile, and better fit with your cavalry-focused army.
Anyway, just some quick thoughts. ))
