Best performance from a dwarf warband (that I heard about) was 
maxed on heroes (with minimum equipment), then maxed on 
beardlings with daggers. The player used the beardlings to protect 
the heroes, then when they got killed off he/she (can't remember) 
replaced them with thunderers with crossbows. (65 a piece)

Noble
dagger(free), hammer x2

engineer
dagger(free), xbow

troll slayerx2
dagger(free), 2handed weap

2x beardling
dagger(s) (free)

2x beardling
dagger(s) (free)

2x beardling
dagger(s) (free)

2x beardling
dagger(s) (free)