According to my OK book, you pay 350 for 4 MF with Dragonhide, HA and IF...
On another note. I like your idea of using a Hunter-themed army. Not sure that it will be that competitive, but It'll probably be fun to play.
Maybe combine the two Ogre units? It will give them some staying power, and save you some pts. on command groups.
Maybe I'd swap the TT for a Ironblaster, but not sure if the IB would be off in a "Hunter-Army"... ... ... ... Anyway, it'll free up some more points...
I'd probably use the following - based on your list:
310 Slaughtermaster: lvl.3, Fencers Blades, Disp. Scroll
390 Hunter: Stonehorn, Harpoon Launcher
436 13 Ogres: Bellower, IF, standard
278 6 Ironguts: Bellower, standard
172 4 Leadbelchers
350 4 Mournfang: musician, HA, IF, Dragonhide Banner
63 3x1 Sabretusk
250 Stonehorn Harpoon
That's a lot of big creatures...
If you swap the TT for a IB, you'll free up further 80 pts or so... another Iron Gut and perhaps a banner?
You could drop the TT altogether and get yourself a BSB with Rune Maw banner, and put him in the 12-block unit along with your SM? This will leave you with 'round 50 pts. for another IG and a Flaming banner in the IG unit... might be useful against certain "regen-armies"...