No I think its fine if his Lich Priest is the army Heirophant.
I presume these are all the models you have at the moment? Personally I'd drop the earthing rod and replace it with the 4+ ward. Since your whole army crumbles if the Priest dies then I'd look for more protection for him.
Also as your probably going to run the Skellingtons 5 wide and 6 deep I'd upgrade them to Light armour and Spears. This way when they engage in combat the'll surivive longer enabling you to keep summoning needs down and will be able to hit back with the front 3 ranks via the spears.
You can get a Tomb Prince in but would have to run the Priest (lvl1) and Prince near enough naked to get them both (you HAVE to take a priest as the heirophant). Though this would make your combat unit of skellingtons WS5. Personally more magic and better defence for your Heirophant is the safer option.
Having played against the new TK's alot recently I'd take the following at 750
Lich Priest - lvl 2, Talisman of Preservation
40 Warriors - Spear, Light Armour, FC
4 Chariots - Standard, Champion
Screaming Skull Catapult
Incoming fire has right of way.
Wood Elves - 1 / 0 / 0
Last edited by Steaknchips; 06-19-11 at 10:44 AM.