It adds +d3 to your number of power dice available - normally you're limited to 2d6+channeled dice (channeling is each wizard rolls a d6 for each Caster level they have - on a 6, they gain an extra Power Dice only they can use) - which is up against a dispel scroll, and an opponents dispel pool, which is equal to their channeled dice, plus the highest number out of the 2d6 roll you made - you may roll a 1 and a 6, which means you're shit out of luck.
This is where the Casket comes in - you're adding +d3 dice to the pool - that's 4 turns out of 6, you're rocking +d6 to your casting total on 2 spells. Yeah, sure, it can potentially give you extra spells to cast, but that's spreading what's available too thin, and if your opponent is good at prioritising, can choose which spells to dispel, and which to let through. 6 dicing, as it's called, is a tactic which means you throw as many possible dice (normally 6, hence the name) into getting a spell off. To that, you add your Wizard level (usually 4), and any other bonuses available. On average dice, a Level 4 making use of 6 dicing can get off a 25+ spell. In the Lore of Undeath, that means you can get off a spell which can summon a 200pt Monster etc to the field. For free.
However, vampires are one of the few armies which benefit a lot from casting more spells - it is what keeps their Vampires alive, healing a wound any time they cast a spell.
Back when I played, I ran a so-called "Unkillable Vampire Lord", which ran around a 2+/4++, T5, 4 wounds, and forced all successful wounds made against him be rerolled. The only time he ever really came close to dying was when I decided to be cocky against a Cannonball, and didn't take the Look Out, Sir! - I failed the Ward Save, and thanks only to poor rolling was he around to see the next magic phase - suffering 3 wounds, I cast 3 Lore of the Vampires spells, putting me back to full health again. Incidentally, he was no slouch in close combat, either. I can't wait until 9th edition comes around, when I may be able to field him on a zombie dragon, when he becomes even more unkillable if the rumour mills are correct in conjoined statlines becoming a thing.
In regards to your list -
The most notable thing about Tomb Kings melee magic items/characters is the Death Mask of Kharnut. This is kind of cool, in that when it forces a Fear check on the charge, if failed the unit must make a flee reaction. This rarely comes into effect - a Battle Standard Bearer and a General nearby (a 24-32" bubble is big thing) means that the unit not only gets a reroll, but an improved Leadership - almost universally Ld10, as a result of Banner of Discipline). That thing isn't going anywhere. However, the Deathmask allows you to force nearby enemy units to gain no effect from their Generals and BSB's, causing a line break.
This is where you begin to go down the Vampire fear buffing routine - Aura of Dark Majesty is a 6" debuff to leadership, Beguile forces a challenged opponent to pass Ld test with a severe penalty or reroll successful to hit rolls (I used the two above in conjunction to force massive rerolls), and the Screaming Banner which forces 3d6 discard the lowest for fear tests and a forced reroll from Fear Incarnate, you can pretty much guarantee victory.
This is a lot of points;
60pt TK item
25pt VC power
20pt VC power
15pt VC power
25pt VC magic item, which comes to a Vampire Lord, Tomb King, and another Vampire.
It also prevents you from putting it into a Black Knight or Blood Knight unit - so effectively limits it to Grave Guard. You're going to want to ensure you can get the unit there, a Liche Priest to ensure that you can move it, as you may not be guaranteed to get Vanhel's Danse Macabre off.
Throwing a Wight Lord with the Banner of the Barrows in there is just the final step for this literal Death Star (bearing in mind that the Unkillable Vampire Lord has just dropped to a 4+/4++ as well). This ends up with having a Vampire Lord, Tomb King, Vampire, and Wight Lord, along with a full command Grave Guard unit. If there's a Liche Priest nearby with Smiting as well...
The charge ends up something like;
Force a Panic test - if within 6", apply -1 to Leadership, and do not allow General or BSB reroll. If failed attempt to catch (unlikely).
If unit is still there, charge in.
Cast Vanhel's Danse Macabre
Cast Hellish Vigour
Cast Ptra's Incantation of Righteous Smiting
Roll for Fear test, at -1 Ld, on a 3d6 and discard the lowest, ignoring general and BSB buffs, rerolling if successful. If the test is failed, enemy at -1 Ld.
Vampire Lord offers a challenge to the most killy enemy character. If accepted, enemy take a Ld test on a total of -4 - if failed, enemy must reroll successful to hit rolls against the Vampire Lord (in addition to rerolls to wound).
Vampire Lord attacks - 6 WS7 Initiative 7 S7 attacks rerolling failed to hit and to wound.
Vampire Attacks - 5 WS6 Initiative 6 S6 attacks rerolling failed to hit and to wound
Wight King attacks - 4 WS6 Initiative 4 S4 Killing Blow attacks, +1 to hit, rerolling failed to hit and to wound
Tomb King attacks - 5 WS6 Initiative 3 S7 attacks, rerolling failed to hit and to wound.
Grave Guard Seneschal attacks - 3 WS6 Initiative 3 S6 Killing Blow attacks, +1 to hit, rerolling failed to hit and to wound.
Assuming 6 wide formation, 1 more Grave Guard in first rank - 2 WS6 Initiative 3 S6 Killing Blow attacks, +1 to hit, rerolling failed to hit and to wound.
Assuming 6 wide formation, 6 supporting attacks from Grave Guard in second rank - 6 WS6 Initiative 3 S6 Killing Blow attacks, +1 to hit, rerolling failed to hit and to wound
Whoa - that's how you death star...
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