Sorry for the late report back on this (not going to post a turn by turn 'cause I am lazy and don't have time ATM) but will give some first impressions.
1: I will second Jstr19's note that this has some similarities to the Raven Guard list though IMO that is not really a bad thing.
2: I like the way the ambush rule works (wiped out a whole flank of the opponents guardians right at the start

). Feels right and should really be the focus of this list. I might even go one further and make it compulsory as if you're doing a Raptor Chapter stand up and fight force, you should just use the Raven Guard list. As has been pointed out repeatedly, you are
NOT making a list for a specific chapter but a list for a play-style that is
EPITOMIZED by the eponymous Astartes chapter from the title. This means I can lay my Minatours (which is what I used) in that style with this list.
3: "up to 1 support formation may be purchased per Raptor ambush being used, these units are deployed with but not as part of the formation"
I see what you are attempting here so I don't drop a whole ass load of land raiders in the ambush but I think this is a bit overly restrictive. I think the demi company upgrade should be allowed in to give it a bit more bite. Hard(er) to abuse due to it only being 2 stands of devs.
4: Local Forces is patently broken. Sorry mate. You cannot ever hope to create a balanced list for the Raptors list by saying, "take 1/3 your points from another IG list". What, you're going to play test every permutation of list out there that exists and will ever exist? Insanity pure and simple. You state you did this to allow use of what people have in their collection. So what? There are a core set of ubiquitous IG units (guardsmen, chimeras, heavy support squad, lemon russles, and hellhounds) that are present in every IG list out there and anyone that collects is going to have. This is not going to affect me using my existing guard (or I should say my glacially slow progress on my new guard for ToEG

). Pick a basic IG formation with a few upgrades and call it kosher (start with SL basic formations as that's the OG of IG lists

. If someone wants to play some mixed Imperial force with all the big stuff then they should probably leverage the Saranes Expanse Imperial Crusade list instead.
5. "All raptor units not deploying by Raptor Ambush must enter play by Planetfall or by transport from reserve"
I'll admit we just ignored this. Dont feel it adds anything personally but hey, that's just my personal opinion.
6. Still think you should think about moving Land Raiders from core into upgrades to better represent the light ambushing force feel. To balance I think the Wrath of God detachment / Forward Spotter unit should be allowed to be taken. Again, I am in no way an expert so YMMV.

All in all this was fun and I like where this is going! Keep it up!
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