Then we have very differing definitions of Power Gaming. Yes, that's almost exactly what I do. I dispose my wolves. Their objective is to do whatever it takes to keep me out of combat. I line them up so that the toughest units will hopefully over-run further and further away from my General. I take out the smallest weakest units first as fast as possible to avoid getting flanked when I run out of Wolves. But these are called strategies and tactics. Building an army around a specific plan.
As a roleplayer, my favorite style of gaming is to play a 'character'. Vampire Lords are the best characters out there, and topped off with, they're the only army that you can have 'just' a character with (and his pets). I go into battle purely to look for a great warrior. I see 2 armies approaching each other and rather than let them fight, I go rip into one, then having not found a worthy opponent, rip into the other (that's how I visualize my games, not how my opponents necessarily visualize them).
There simply is no other army, or other way to create this army, that allows for that "fluff". The Wraith is pushing it, I know that, and I only started using him because I kept getting my Lord handed to me by things like BloodThirsters, or Wood Elf Highborns with Annoyance of Netlings and Spirit Sword on Forest Dragons. A Necessary evil since everyone I played had found the perfect 'defense' against this army. My original list lacked a Wraith, instead having Bat Swarms (which in 7th edition just aren't worth taking). So, thematically, the Wraith is my Goddess Ariel, in avatar form (I'm playing a Wood Elf with Wolves and WarHawks as you'll recall). She's not real, but as long as I feel that she's near me, I'm more resistant to being hit.
My playing goes like this:
Use the Wolves to pull huge CR units away from the General.
Use FellBats (without a champion obviously) to take on 'bunkered' wizards with 2 Bat Attacks at the same time and if needed attack any War Machines.
Use Vampire Lord to take out War Machines first, supported by any extra units of Fell Bats.
Next Up:
Remove all Fast Cavalry and Skirmishers with Vampire Lord attacks.
If successful with wizard-removal tactics, use magic to whittle away at large r-n-f units. Otherwise, continue attacking the weakest unit and hope to cause Fleeing before they force you to stick to combat.
On paper, excellent plan. In practice, wolves die out too quickly, Special items/spells get Vampire Lord tied up in battle unexpectedly. FellBats can't get to, or kill the Wizards. WarMachines are more successful at removing Fell Bats than Fell Bats are at removing ar Machines. Too many 1's rolled in a row for toughness/armour against missile fire. Etc Etc Etc.
A wide, out in the open Lord (even if on a Dragon) as your only serious threat to the enemy, doesn't go as well as a nicely bunkered with improved Barded-Steed Armour save in the middle of a 9+ strong unit of Black Knights with the Crown that gives you a Ward Save. I -could- make this list a Power Gaming list by removing all the Wolves, but that would go against my fluff as a 'character' fighting an entire army by himself.