actually, because of the age of the codex, it's 100 points for the drop pods and you dont get the drop pod assault rules.
i'm not sure i agree that DWA is what makes deathwing viable. it gives some tactical flexibility, but i've noticed a lot of veteran DA players only put 1 squad in reserve, prefferring to have stuff on the board.
what makes deathwing viable is:
1. 2 shot krak or frag cyclones. fantastic all purpose weapon. dont leave home without it.
2. 3++ storm shields. scoring unit needs to be more survivable? ok!
3. the support units in the ccodex, namely the ravenwing, but as makenshi is operating to his own fluff, they're not considered for this discussion.
As to your list makenshi - deployment is key. if you don't get that right, you wont be able to react quickly enough to change your plans.
i do agree that drop podding fire support dreads is somewhat non sensical. drop podding multimelta dreads, that i can see. and i think you need it because, while cyclones and assault cannons are great, you need to be able to eliminate high av threats to you early (land raiders, punisher leman russ, vindicator etc.). so, either drop the pods and use the dreads as fire support, or change the armament up for multimeltas and dccw.
i'd also say that as your squads will be footslogging, it might be wise to add at least 1 TH/SS to the squads without one. it means you can have the chance to shrug off plasma and lascannon hits (like terminators are supposed to goddammit!). you don't need to go crazy and have THSS all over the place, one in each squad is fine.
i'm not a fan of the librarian in the DA book, if i'm honest. he has decent combat stats (better than his C:SM brethren), but powers that aren't that useful, and a psychic hood that's limited to ld9. however, i've read the fluff for your army and completely understand why he's there. Use him as a buffer for wounds (psychic test to ignore a wound is nice), and like i said, he ain't too bad in combat.
if i was building a list that i wanted to work ok on the table but kept to your fluff, i'd go:
HQ: Belial, Master of the Deathwing (130 pts)
Troops: Upgraded Deathwing Terminator Squad (5#, 300 pts)
assault cannon, apothecary, standard bearer
Troops: Deathwing Terminator Squad (5#, 235 pts)
cyclone
Troops: Deathwing Terminator Squad (5#, 235 pts)
cyclone
Troops: Deathwing Terminator Squad (5#, 245 pts)
assault cannon
Troops: Deathwing Terminator Squad (5#, 245 pts)
assault cannon
Elite: Venerable Dreadnought (2#, 200 pts)
plasma cannnon, drop pod, flamer
Elite: Venerable Dreadnought (2#, 200 pts)
multimelta, drop pod, heavy flamer
Elite: Venerable Dreadnought (2#, 200 pts)
multimelta, drop pod, heavy flamer
1990
if you change the assault cannons to CMLs (and i'd be tempted to, they have great utility), you can get extra armour on your multimelta dreads. and you have 10 points left over for chainfists.
each sqaud should have at least 1 THSS.