A truly awesome sight to behold, that, Masterspark.
There are two schools of thought on GG. Fitting, considering there's only two different weapon choices, right?
HW+shield:
Survivable. A 3+ Armor save is nothing to laugh at on troops that we can revive over and over again. It makes the unit into an 'Anvil', or something you can use a 'Hammer' unit to scrape off the remains once they're stuck in combat. They can get a few lucky killing blows on characters, champions, or high AS Rank and file infantry, so don't be afraid to allocate one or two attacks versus a character or problem model while in combat! Killing blow is too nice not to threaten everything valuable that touches that block with the thought of losing their head.
Great Weapon:
My personal favorite. I love Grave Guard with Strength 6. They only have a 5+ save, so be careful with them! These guys are now officially changed from 'Anvil' to a 'Hammer' unit. These guys hit like a ton of bricks, especially with the right support. (Helm of Command, Corpse Cart, Vanhels Dance I'm lookin' at you guys!).
for example. A 10 man unit of GG with champ and Standard, which I'd recommend a minimum of 12 models (6x2), by the way, with ASF (From the Corpse Cart) and Great weapons dishes out 7 Str 6 attacks that are hitting on 3's (2's! If you use the Helm of Command.) and wounding on Twos unless you're attacking some bad beastie with high, high toughness. That's typically 6 to 7 wounds, unless your luck is really down.
So, that's my thoughts on the matter. HW+S if you want a unit that can Negate ranks, cause a little damage, and be a utility roadblock, flank denial, or mini-anvil, then go for it. If you want them to deal some damage, AND have the points on the Support units, I can't stress this enough, then go with great weapons.
Or, just model them half and half, and run with either, as according to the game. That works too.