I like the nomads - scouts are very useful for the lost and if they assist in melee, they do fair standard damage. Most of the time I hire them with other companies however that lack scouts.

Admittingly I rarely field them, but the Corvus can be very good in some missions + it depends if you play with impassible terrain types: it can be really difficult for your opponent to catch/stop these guys or you can bind enemy models such as lemures - evasive and levitation makes them really fast. They are not too bad finishing enemy models.

Look at it more like this - 200 is the best case, with the current rules more realistic is 197 +/- 3 points. You can come up with penalities / advantages to allow a bit more flexibility, but rather do that once you have a few games under your belt with the more simple current rules before adding even more complexity.
My view on the dominance part: if you know you'll have a low dominance score and you know you'll face a faction that is strong there is no point not to work with 205 points. Maybe it would work be if you have several advantages your opponent can buy if you spent more points.. e.g. 1 point for 1 point of dominance, 2 points for a CMD point, etc.pp But rather don't start with that before you played a few games. In the first 3-4 matches it won't matter much at all ... once you have a better understanding of the game mechanics (how they actually work out when you play the game) you can get back to this part again.

I wouldn't worry too much about the Djinn at 200 points and a scenario play. If the saracen player wants to keep all his models protected he'll be way too slow usually to have a chance. It's only a bigger problem if you play the new starters in a simple kill mission.

If you set the max pts number to a different value it won't change much really - people won't plan with 200 points anymore but the new inofficial max value - in particular if you know that your warband will have a low dominance score. We often allowed 201 points and at 202 points the opponent got an extra CMD point.

I see your point - I'd likely switch the grenadier(blunderbuss) with a doppelsöldner in that case and leave it at 204 points and consider switching Sara for a second doppelsöldner for the first games. The impact blast of the blunderbuss and Sara + her lemures / spells add many rules and will likely slow down the first few games.

What did you have problems with?

And I'd rather say that the Lost look easy to play on paper, but are much more difficult to actually play.

Tell us something about the tactic you have in mind with this list, otherwise it's hard to make any suggestions.

The way I see it, Vargas and the Missionary don't really fit with the rest. One blade for hire and the swashbuckler can cause a fair amount of trouble (swashbucker being hard to kill, yet missing the punch to kill something quickly.. the blade for hire will have CBT 5 when assisting the swashbuckler).
Anna or a Doppelsöldner is likely not enough to guard the squishy ones really - Swashbuckler and Blade for hire wouldn't be in range of the missionary and there is hardly anything that wants to engage in melee (hence would profit from the missionary). Even with Vargas unique order everything but the Doppelsöldner / Anna wouldn't survive melee (besides they all have low Faith to begin with).

Personally if you want the pyromaniac part - I'd remove the Swashbuckler and missionary and rather add a few Doppelsöldners. With Vargas unique order they'll be armor 6(5) and a challange to kill quickly - this should allow your other models do their work. You could even go one step further and play Vargas, 3 Grenadiers (2 Blunderbuss + 1 Pistol), 3 Doppelsöldners, Sara, Angelo and a blade for hire. You have very little CMD, but only the Doppelsöldners might need it really.

A bit more balanced list would something like Vargas, Swashbuckler, Götz, 2 Blades, 2 Grenadiers, 2 Doppelsöldners.

Some suggestions of mine.

If I wasn't clear on this: the dungeon crawl is the seperate game called 'Claustrophobia' - in the tabletop game Hell Dorado you have the Necropolis setting that works well with a lot of terrain, but there are some limits: you shouldn't restrict movement pathes or line of sight too much. If you have a table suited for mordheim - it should work fine.

There are no autowins that I'm aware - if you play against someone who has only models for a single list and you build a list to counter them as effectivly as possible, it will be an uphill-battle, but that's nothing new to any game that I'm aware of that doesn't only have very generic troops.

Even though the melee damage profile isn't as impressive from most models - the missionary makes them quite powerful with the ability to grant an additional hit in melee. Scoring 5 hits is almost impossible against anything with DEF 4+ ... westeners actually have a chance that way.
The fairly cheap blades for hire with their rapid strike attack ability are a pretty powerful support unit too.
Many frontline models have tenacious, terror, eager and reach.. makes them pretty effective to protect the more fragile units. The westeners are rather specialised and have to work together... not that much the buffing part like the saracens, but the attacks have to be co-ordinated.

Besides they work well with many of mercenaries.

The game is played on a 30''x30'' battlefield and works best with quite a bit of terrain (there are special terrain setup rules and a mini game involved in Hell Dorado) - it takes place in hell and one of the four hell settings suggested in the book is a huge necropolis.. this should suit your idea of a dungeon like setting. A real dungeon crawler (like Space Hulk, Descent or alike) would be too restricting from the freedom of movement. There is a board game called Claustrophobia in the Hell Dorado Setting if you're looking a real dungeon crawl.

If both players bring fairly well balanced* lists to the table that are suitable for the scenario you can expect a really challanging tactical game with a very good balance. The game suggest a sideboard that allows you to switch a few models after you know the scenario and opponent and if you make use of that you can pretty much avoid any bad matchups. Any game with dice has elements of luck, but the results are a bit more predictable (there is no seperate 'to hit' and 'damage roll' .. for a single attack you roll multiple dice and depending on the number of hits you can choose a damage result from the according weapon damage table).

*balanced = not focusing too much on a single aspect and risking that your opponent brings basically the counterpart to the table

There is a strong focus on scenario play and terrain makes a huge difference in each game too - this adds quite a quite of variety to each game. Something that I really like from the game mechanics point of view - alternate activation of the models allow you to react to your opponents moves. Melee combat is two-sided (e.g. attacker and defender will inflict damage simultaniously most of the time) and ranged combat has quite a few limitations (it will rather soften-up the opponent).

Saracens share quite a bit the playstyle of 'Menoth' - many buffs, they can potentially profit from their own losses, rather slow, heavier in armor, protection auras... you can build lists that focus on other aspects, but this should give you a rough idea.

Another thing to consider: If I'm not mistaken only 2 lemures are able to finish their activation in difficult terrain / enter it (this excludes the really fast lemures) - Lost players should have an advantage in terraformation and be able to benefit from that.

Another thing that some might forget - controlled is a state, e.g. the spell of Assaliah is 'controlled 1'. One activation is horrible - no doubt on that - but it's not that bad.

Besides I'd suggest playing with a sideboard - the 'fangs of the pit' would help or even though he doesn't fit the visual aspect of the Lost, the mercenary Abd Ar-Rahman Ibn Muldjam does a really good job. Another CMD point, he'd increase the faith score of the Lost to 1, his healing ability can be very handy as well and his cbt score is likely really good thanks to the high faith values of the demons. The sling maiden is pretty good against lemures too - her explosion template will harm the lemures and even has a chance to inflict multiple wounds to a lemure even.

The Lost have fairly low CMD, but all Lost models ignore difficult terrain - either your opponent will need to spend a fair amount of his CMD points for run/charge orders or you can choose which models will engage each other.

Personally I'd skip the Vorenus, Corvus Tormentors and one Retarius - I'd rather consider adding a few Squamata Warriors and a Spitter. The Warcry gives you an excellent chance to hit enemy models with DEF 2 (e.g. scoring 5 hits isn't unlikely and these squamatas are really heavy hitters. The Spitter is really strong since he can dictate the activation order with his Saliva Projectile) and it's very hard to avoid him*.
The Nomads or Scouts might prove handy as well .. they can still hold mission points and as Lost player I want some advantage in the terrain setup phase (abilty 'scout'). With armor 2 and their 7 LP the nomads most likely survive the first close combat round and the scouts are a 'risk' to engage thanks to dodge and can somewhat annoy the opponent with their spears (besides there is nothing else you can do with your CMD pool in turn 1 other than boosting the ranged attacks and likely even in turn 2, since most opponents won't really rush Bran's Warband or they'll be all KD).

*Ideally you want to KD an officer with the warcry that has just activated since it would give you the complete current turn + the next one in which your opponent cannot use any vae victis or vae soli - hence if you hit several of his yet to activate models with this explosion you can force him to activate his officer early. You can still play that nice little game of skipping your activations until both of you have the same amount of models yet to activate.

She is a fairly cheap independent that brings a CMD point to your pool, a decent fighter and a bit faster than average. The point of playing her from my experience is less that she will kill a lot ... if you get lucky she'll somehow reach the enemy officer and stun him for some time and get very little damage in return (DEF 5 and man at arms is powerful from the defensive pov). She is great in assisting any attempts to kill a unique model, but as you mentioned this only works with support from other models.
If she fights non-unique models she'll do pretty well on average and likely it will take your opponent a few CMD points to kill her. DEF 4 and man-at-arms means that on average your opponent only gets 2 hits with CBT 5 - you on the other hand don't need any CMD points on her, since CBT 5 with 2 re-rolls due to natural talent is almost like CBT 7.

In short: I like to include her in lists since she tends to give you an edge with regards to the CMD pool - she hardly ever needs any. If your opponent doesn't spent any CMD and you manage to evade the few units that are really good in killing her, she will most likely do her fair share in killing. If he spents resources on killing her you haven't lost a key model in your army and you should have been able to turn the battle to your advantage elsewhere. Most unique models (in particular the officers) are all about their orders and if you stun them they loose a lot of potential.

Looking forward to updates As always very nice work.

Very nice work - looks like a really good mix between design/aesthetics and functionality. May I ask what kind of texture spray/product you used for the walls etc?

I doubt we'll see new troopers soon - there are still quite a few models to be re-released. Most likely the Lost will get their next independent (similar to Raimund for Westeners, Zaxan for the Demons, Husaym al Din for the Saracens, Da Wenti for the Immortals) and after that the mercenaries - by that time the re-release should be finished (late 2012). I'm eagerly awaiting 'new' troopers as well however