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The warband I built is quite playable with only 2x of each set. And I'm not even close to owning 4x of everything, I have a couple 3x because of our tournament setups (where we basically buy one box with players entry fees and split the stuff inside based on final standings). Not getting a Reinforcement is scary for instance but you can probably just increase the high end a bit with a Horned Devil in place of the third Archer, which gives you something to dump points in at the end game if you don't get Reinforcement.

There is no single awesome warband. Goblins gets rolled over by Fireball for instance, and even the Drow have access to Drow Blademaster and Quick Jab to clear up the board of Goblins. They roll over the large guys, and the large guys really make midrange pieces suffer. There's a lot of tools already to meta against the ultra-tweaked out warbands.