I recommend the second list, but I would lose the Drum. Because you have both Durburz and the Shaman, you have the ability to keep about a half to 2/3 of the board (assuming it's the standard 4x4 foot board) from fleeing due to failed Courage rolls, so the +1 Courage is a bit redundant.

Instead of the Drum, I would take some Wild Wargs or Giant Spiders...a Moria army is a very slow moving army, and both of those choices will bring the attack to your enemy twice as fast, cauring him to focus on the Wargs or Spiders currently attacking him and turn a blind ee to what your Goblins are doing.

I would keep the two Trolls and keep the Goblins clustered pretty close together, and NEVER let any Goblin be unsupported by another. Keep those archers in the back and start volley firing from Turn 1.

Hopefully that was of some help to ya

Fenrir

Thanks for the replies and sorry it's taken so long.
Damn, just wrote out a long reply and lost it all

The Carn Dum contingement is my favourite part of the Angmar force, just because it's not something everyone does. If the Dunlending models weren't such a nice fit to my mental image I'd give in and make a list based on the Warriors of Carn Dum using the AotD plastics. The option is still highly tempting.
Anyway, I don't believe the bows hurt that much. Particularly as it's only 3. I still have the numbers to volley (with the replacement 24 Orcs). Granted, if I take a few casualties then I won't be able to, but volleying only generally works for the first turn or two before the range is too close, after which the better shoot value actually helps.
And the problem with cavalry is that you have to go big or go home. Adding in say 6 Warg Riders (forgetting the problems of allying them) is almost a worse situation, as it's enough of a threat to attract attention but not enough to protect the WK. Then if I go more, I'd want a might hero to help dictate the charges, which is not a position I want the WK in. And suddenly I've got a major cost in points/money and the force composition is nothing the same. I'm hoping that by keeping the WK without support that he'll avoid the enemy's focus while there are closer threats and that I'll be able to use models/terrain to hide behind to make the effort spent trying to shoot his horse down beneficial to me even if he suceeds.


As for Fenrir and the Goblins...
The extra courage can only help I figure? More importantly though, it saps the opponent's courage and provides a banner to my hordes. If I can get that into a key position, it may help a little. I figure I may as well test it seeing as I have the model. Even if it isn't that effective, you gotta admit it's a very characteristic part of the force.
Wild Wargs/Giant Spiders is something I've been considering. Depending on whether I make the points to buy enough for them to be worthwhile. No point charging alone into the enemy, and once the main line arrives, the goblins are capable of swarming the enemy.
And I don't know if I will have the 2 trolls. A few posts up, I mentioned that I might try removing the second troll for an extra 17 warriors.



At the moment, I'm liking the second list, because I'm busting to try something with a big monster in it. And trying to resist buying a Fell Beast and starting a Mordor force.

Oh wow, I totally forgot about the Drum also acting as a banner for all fights within 18"...Now I feel kinda silly Yeah, I'd keep it then, that's a very useful object, especially for the squishy Goblins

All good points Cal...nothing more I can really pick up on without playtesting it myself. Let us know how things go Good Luck

Thanks
I'm probably going to go with the second list. At the very least I already have most of the stuff that needs to be painted. I tried a Mordor list using the new Nazgul that I really liked but it would've cost me a few hundred dollars.