What I'm looking for is some advice on modelling the various squat "characters" that use the more limited models of the range.

There is the Lord unit, Hearthguard formation, Warlord character upgrade in normal and exo-armour and Living ancestor character upgrade in normal and exo-armour.

I have essentially the following stands (5 models per stand)
1) 2 stands of 3xHearthguard + 2xThunderer
2) 1 stand of 4xHearthguard + 1xThunderer
3) 1 stand of 5xExo-armour
4) 1 stand of 2xHearthguard + 2xExo-Armour + 1 Thunderer
5) 2 stands of 4xHearthguard + 1 Banner Bearer
6) 1 stand of 4xExo-armour + 1 Banner Bearer
7) 1 stand of 3xExo-armour + 2 Banner Bearer
1 stand of 1xExo-armour + 4 Banner Bearer

(9 Banners, 20 Hearthguard and 15 Exo-Armour (I can grab Warriors, Thunderers and Berserkers as needed)))

Under the Demiurg list I would use 1,2,3 and 4 as Hearthguard, 8 as Merchant Prince, 7 as Legate Marshall and 5 and 6 as Trade Factor.

Any suggestions on how to use them as they are for the Squat list or alternatively suggestions to split them up and mix with standard troops.

as per my discussions with Jaldon

Ancestor Lord = Merchant Prince
Squat Warlord = Legate Marshal
Squat Lord = Trade Factor
Guildmaster = Hearthguard Cavalry unit

as far as using the stands you mentioned, I would use 1,2 and 4 for a Thunderers, with #4 as a Lord in the Thunderer Battery.

Since there are no set rules for modeling these in EA beyond what we have suggested, the best advice is do you best and be consistant when you set a pattern for each stand or formation.

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Squat/Demiurg Army Co-Champion (in cahoots with Jaldon)

It makes sense but severely limits my available options without reorganisation.

The Trade Factor is limited to a maximum of 6 at 3000pts but isn't required.

The Squat lord is needed with so many different formations. Assuming I wanted to use all my squat infantry I would need 10 Lords.

I'm tempted to split the stands up. Use a single model to represent a character and a single banner on a stand for Lords just to have enough characters and lords while still keeping a Hearthguard Formation.

Some quick questions.

Which units can the Warlord and Living Ancestor character upgrades be applied to?

The last Thurgrimms list is a bit vague (Couple of posts down). Technically it allows the Living Ancestor and Warlord characters to be applied to Lords, Warriors, Thunderers, Spartans, Gorgons, Thudd Guns, Mole Mortars, Rapiers, Tarantulas, Termites, Moles, Super Heavy Tanks and the Land Train.

The character upgrades are allowed as follows

0-1 Living Ancestor: Warrior Brotherhoods, Hearthguard, Super-heavy Tank Battery, Land Train

Warlord: Warrior Brotherhood

AFAIK, per the core rules Characters can be added to any unit as long as it is made clear to your opponent. I should mention that while there may not be a specific prohibition to adding a character to a unit added as an upgrade, my personal habit is to place a Character in a unit that is part of the basic formation.

hope that helps.

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Squat/Demiurg Army Co-Champion (in cahoots with Jaldon)

So you could have a Warlord and Living Ancestor in a Warrior Brotherhood, one upgrading the Lord and one upgrading a Warrior (Although it's not particularly optimal with the warriors lower CC value).

BTW, Exodus Wars has the Khazari ... which are perfect for Squats/Demis ...

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Legion 4 "Cry Havoc, and let slip the Dogs of War !" ... "People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf."

It's a shame they're missing something suitable for Hearthguard and Exo-Armour, the two most limited old Squat models needed for the Hearthguard Formation and Character stands.

Who knows what the Future holds ... the E/W honcho, Tom is a Squat fan.  

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Legion 4 "Cry Havoc, and let slip the Dogs of War !" ... "People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf."

Anyway, I've stripped the bases down and remade them as follows.

1) 6 Lords - 1 Banner, 1 Thunderer, 1 Berserker and 2 Warriors per base
2) 5 Hearthguard - 3 bases of 5 Hearthguard and 2 bases of 5 Exo-Armour
3) 1 Warlord - 1 Banner, 2 Hearthguard, 1 Berserker and 1 Warrior
4) 1 Warlord in Exo-Armour - 1 Banner, 2 Exo-Armour, 1 Berserker and 1 Warrior
5) 1 Living Ancestor in Exo-Armour - 1 Banner, 2 Hearthguard and 2 Exo-Armour

Good for the Squats but not so good for the Demiurg as all their characters go on Hearthguard units (Essentially only a single correct character stand 5) and 2 passable stands 3) and 4)).

I assume Living Ancestor on Hearthguard is the most cost effective as it gets Exo-Armour by default without paying the extra for the upgrade.