@ Leo, that sounds like a good idea about holding onto the scrolls for now. You also get a better deal on them when you put a point or two into Trade (if you are going to). I am just worried about money basically.
The Banner of True Faith was in the building next to King Mark's castle, the one with the tournaments etc. I think this is what Enarr picked up, except that it is +4 defense, not plus +6 (I will have to check this). I hadn't seen this before so I was very happy, not only with the Mind runes but with the massive 800 leadership. I have decided that Mages really do need to work on leadership as a high priority. This is so you can have bigger stacks of ranged units. I think mine is about 6000 now at level 11.
In my two previous games, I had no luck with Feanora, so I went with Mirabella and loaded up on Sea Dogs and Pirates. With the pirate belt and the pirate flag you get from the Coastal Brotherhood, as well as the bonuses you get from Mirabella, Sea Dogs especially become killing machines. And they are cheap. So I would ditch Feanora in your circumstances and go with Mirabella for now. IMO Anga's Ring is most useful in the Elven lands due to the female units there (Lake Fairies, Dryads, Sprites). I don't think there is a single female unit in Kordar
That Horsemen trick IS invaluable early on. With Priests blessing/healing them those 13 Horsemen in the tent lasted a LONG time.
@ Enarr, sounds like you got the Banner of True Faith too. One thing that annoyed me about Freedom Islands was the lack of ranged units available. I don't like to go back and forward from Darion to Freedom Islands because I am thinking about my high score, so I usually use whatever is locally available. If you don't like Feanora's kids, I would try to kill the Kraken/Lucky James fairly quickly in order to get Mirabella. You also get the pirate flag when you do a fed ex quest between Eastern Islands/Coastal Brotherhood (the 'wife's weight in gold quest). Then you can use Sea Dogs/Pirates.