I have an idea for an anvil list to take in a campaign mostly against O&G. I wouldn't be worried about their magic so much at least, because they don't have any of the auto-death spells. I have very little actual experience, so take that for what it's worth, but even if the Runelord isn't as good as 2 Runesmiths, a Runelord on an Anvil is easy to make as tough as nails so it might not do much for you offensively, but I at least imagine it would serve as points denial.
You would lose giving the Forgefire and MR to a unit, but he still benefits from the Magic Resistance, and I guess the idea is that hopefully you could make up for that by being able to offensively partake in the magic phase unlike usual Dwarf armies.
Edited by Gormadon, 27 May 2014 - 04:27 PM.