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I don't feel that f9w9 is the only option for Helheim. I do just as well with a F9S9N4 Monolith.

To answer your other questions:

1. I really like raiding with Valkyries and Dis with the bless I described above. The flight makes it easier to get deep inside enemy territory and being sacred allows the units to function well inside enemy domain. Also, the S9 part of the bless works well with flying units. To be honest, I recruit very few Hangadrotts at any stage of the game, I prefer to use every turn at the capital for svarts.

2. If you are talking MP, the game is currently set up where construction is the most important school unless you are getting attacked early on. You can choose other options instead of construction, but your strategy will be based around fighting other nations who have gone the construction rout to outfit super combatants. For Helheim, you don't have much to worry about from an early push, but if you are concerned, they have access to some great evocations and skeleton spam.

3. Helheim has a solid end game. It is crucial to find some indy mages throughout the game to offer some protection to mind hunts and diversify your magic. The end game for Helheim will probably center around undead thugs and later undead and gargoyle SCs, powerful battle mages and dabbling/ empowering in blood. Atleast that is how I do it.