Well in a campaign list you don't take MotF the honor guards would be ok with me tho. I would probably work with your group to make a campaign renown chart for space marines, since there's not one that I can find in the standard rules, that incorporates the termies.
Fleet wise this all sounds ok although I'd drop the cobra and falchons in favor of hunters, if it's a matter of these being the models you have then so be it there's nothing really wrong with the falchons. So that leaves you with a bb 7 cruisers and 6 escorts with 135 points to spend id say another 3 swords maybe.