Space Wolves are quite powerful, but you ought to be able to take them out. First off, if he has a giant HQ unit with a Wolf Lord or other large dude along withg Wolf Guard termies, swamp it with a big unit of 22 Gaurdians, and it will take him atleast 3 turns to chew through it. Thats only about 250 points from your side that will tangle up about 500 points on his side. Some good for you.
Take out the Rhinos on first turn, which means Vypers with Brightlances and Wave Serpents with Twin-Linked Brightlances, and those filled with Banshees. That will bring some serious hurt down on him, trust me.