So, this is the Dwarf warband I played during my last campaign, and it worked quite well. We used some house rules, most important the -1 to impact when dualwielding, +1 to AS when using a shield+hand weapon, +1 to parry when having higher WS, critics needed to be confirmed with a 4+ roll, and no need to start near a wall in order to climb it.
It's a close combat focused setup, fairly conventional but with some additions for development during mid campaign. Most people I've met seem to play Dwarfs in Mordheim like they play Fanstasy, dig a hole and shoot, but I think they perform better as close combat warband with some mid range support:
noble: hammer+brace of pistols (118gc)
engineer: hammer+brace of pistols (83gc)
slayer: hammer (53gc)
slayer: hammer (53gc)
1 clansmen: hammer (43gc)
4 beardlings: hammer (28gc each)
arabian merchant (20gc)
That makes quite a big starting Dwarf warband, 11 guys (9 for selling warpstone purposes). I dropped usual nice staring equipment choices as dwarf axes, and that's when the arab merchant comes to play. With their +1 to warpstone when exploring, Dwarfs are one of the safest warbands to start with hired swords, and the 15gc unkeep halfing+merchant have is totally affordable, specially if you use the merchant during the first games to buy dwarf axes, this guy pays for itself. They are 2 extra bodies for a small cost (halfing is super cost effective, and my favourite hired sword).
Both, noble and engineer carry brace of pistols to support close combat from mid range. Eagle eyes should be the first choice when a skill is avaliable, and they will start to kick-ass. Another variant would be giving a crossbow to the noble instead, but I rather prefer to keep the band as a compact group with the halfing as a free roamer, dwarfs loose their huge resilience in CC as soon as they are outnumbered. Engineer makes a slow development sniper with his starting BS3, and I don't like to give him that role unless I'm playing a long campaign.
Depending of the advances they get, I give slayers dwarf axes or halberds... a slayer with dual dwarf axes + Master of blades is nasty as tank, and halberd + Strike to injure is allways nice as counter charge.
I didn't hire any thunderer, because with BS3 and no cheap long range weapons, they super expensive slow development snipers (65gc, while a muuuch better tilean costs 60 for 3 games). So I focused on cost effective beardlings and one clansman, because with WS4 he can still carry dual weapons and impact on 4+ most foes... and the chance of him becoming a hero is always there.
I ended up being lucky with the advances, and they performed great. Noble ended as a BS6+eagle eyes headshot killing machine, and from mid range safety he wasn't taken OoA a single time. I got an extra hero in the second game, so I ruled the exploration and economy side quite soon, specially with the help of the merchant and the Resource hunter skill I got for the engineer after Eagle eyes. From that moment my warband grew fast and nice equipment started to make my heroes much more useful, making up two flaws Dwarfs have as a band, heroes don't start that great for their cost, and their low numbers makes them be outnumbered most times in CC. Since the merchant got a bodyguard really soon, I didn't get rid of him, but my initial plan was leaving him away as soon as he fullfilled his role, and hiring a tilean marksmen or pitfighter depending of my needs. Dwarfs usually shine at late campaign if they survive enough, but this band was really strong after just 3 games, I think it's a good setup for short and normal campaigns.
Tomorrow I will start a new campaign, with Marienburg this time. We will play with some nice territory conquest rules, let's see how they perform.