I've always imagined a different approach for doing those bloodline things - keep pretty much everything with the current book, but add more relatively cheap BLs with disadvantages.
(Note: since this tread is here for quite some time and a lot of people spent time helping balance the current powers, don't take my take too seriously. I'm just posting cuz I have nothing better to do atm :P)
So this cheap bloodlines are divided into major heritages and normal ones. You aren't forced too choose a major one with your lord, but if you do all other vampires must take it as well. Normal heritages can only be of the type of your major one.
Blood Dragons:
Major Heritage - 5pts
Such is the devotion of the Blood Dragons to the martial arts, that they barely have any time practicing spelcasting (not to mention that they hate it!)
+2 WS, -1pd generated. As an addition, a Lord level character with this power treats all mundane Heavy Armors as Full Plate armors instead. The vampire with highest Ld in the unit must always issue and accept challenges. The Blood Dragons are allowed to take a mundane Lance (10pts) and barding for their Nightmares (6pts, 8 for lord)
(Note: that way they can take pretty much the same as what Dread Knight offers with AoD, but it would cost 25 pts with the heritage, so they still are able to buy 25pt stuff. Ofc it's still a lot cheaper to go for Dread Knights)
Normal ones:
Strength of Steel - 10pts
Such is the vampire's martial prowess that he is able too strike at the precise moment when it will cause the most carnage.
The Vampire has +1 strength the turn he charges.
Deadly Precision - 20pts
All the years of training are finally paying on the battlefield. The Blood Dragons easily go around the defenses of even the most skillful of warriors
Re-roll failed rolls to hit in the 1st round of combat and rolls of 1 to wound on any turn you're not charging.
(note: NOT hatred, added so that people may use it as a weaker infinite hatred and still be able to combo with 25pts items)
That would be my take on the VC. I have some ideas about the other bloodlines as well
Example:
Necrarch - 10pts
Vampires get -1 WS and -1 I. Lord level vampire knows +1 spell. All vampires can once per game at the beginning of any single magic phase, activate a power that gives them +1 to cast / dispel during that phase, but no more than one may activate this at the same time.
+1 PD (for hero vamps only) = 20 pts
and so on and so on, this is off topic here :P