Space Wolves, Keeping Canis Wolfborn?

Nick speaking,

I have recently purched Canis Wolfborn for my Space Wolves 13th Company. After playing just one game with him joined to a Thunderwolf Cavalry, I am already considering getting my metal cutters out to convert him into a Wolf Lord instead! Kitting out a Thunderwolf Lord with Thunder Hammer, Storm Shield and Saga of the Bear will cost 240pts compared to only 160pts for Canis. So is Canis worthwhile?

Maybe it depends on your Thunderwolf Cavalry build? I usually give my calvary storm sheilds and use them as my main attack/distract unit, simular to how I would use my Eldar Seer Council. The storm shields mean that I can easily soak up some shots before I make it into combat, and gives me the option to be able to assault anything that comes my way.

This is where Canis fails! With no invulnarable save, one round of combat against something with a power weapon/fist etc. and he is done! Maybe if I had a different attack/distract unit like Terminators in a Landraider and used a cheap Thunderwolf Cavalry as more of a support role, then Canis would fit in? Or maybe I should drop the Cavalry altogether?

So I put it to my fellow Space Wolves players. How are you using Canis? Is he worth the points? Or should I get my cutters out?