Well, to start off with an overall impression, the base species itself is...kind of unimpressive. I mean, all the abilities fit, and the points add up, but really you're not leveraging the point value effectively enough to make the hassle of the Beast type feel worth it. There's really nothing about that statblock that really "pops" to me -- not like the drake's flight and fire-breathing does.
For starters, the attribute adjustments are tremendously underwhelming. For one thing, the design point value is definitely too high. A bonus that looks for the lowest attribute is worth less than one that always goes to a specific one, and likewise a penalty that looks for the highest attribute is worth less than one that always goes to a specific one. You can see this for bonuses on the wiki, and the same holds when you flip it around for penalties. And increasing the number of attributes in the set being checked reduces
the value of the benefit, because it reduces the chances that you'll get a bump to the attribute you want (for bonuses seeking the lowest in the set) or avoid a hit to an attribute you want to keep (for penalties seeking the highest). Consider that "+2 to any attribute" is 3 pts, "+2 to a specific attribute" is 2.5 pts, "+2 to the lower of A or B" is 2 pts, and "+2 to the lowest attribute" is 1.5 pts. There's a clear hierarchy of value here, and the same sort of pattern holds when you mirror it to apply penalties to the highest attributes.
Going by that pattern, I'd rate that stat adjustment as 0.5 points -- a 1-pt baseline (+2 A/-2 B), with a +0.5 adjustment (apply bonus to any of your choice) and a total -1 adjustment (apply penalty to highest among a set of 4). However, even with the proper point value, I personally wouldn't use that attribute adjustment line anyway (as a designer or a player), because it's frankly very limiting. The flexibility of the bonus is fairly wasted when it'll likely be negated by the penalty unless you put it in Dex or Wis. Since you obviously want to emphasize Dex and Wis, it would really be better to set things up to give a bonus to one of those two rather than taking the more roundabout approach. Something like +2 Dex or Wis/-2 any or +2 to the lower of Dex or Wis with no drawbacks would work much better.
As for the natural attacks, you certainly should have at least one on a Beast species, but I'd say you're really wasting points on the Claw and proficiency. Claw attacks are strictly inferior to Bites in every possible way -- they have lower damage, smaller threat range, and no special qualities (like reach
for a Tail Slap or bleed
for a Gore). Therefore, a character with both a Claw and a Bite should always use the Bite every time. The only benefit the Claw gives is another natural attack to bring you one step closer to being able to flurry -- but to get there, you need to pick up one more attack. Natural attacks are toward the lower end of the 1-pt benefit power range to begin with, and a Claw packaged with a Bite and no other natural attacks is even worse than normal. (Personally, I tend to rate Claw attacks in packages with other natural attacks at 0.5 pts, though I still price a single Claw by itself or any other natural attack as 1 pt.) In this case, you can easily drop the Claw entirely -- it adds nothing to the species package by itself, and it really won't be missed from the perspective of concept/flavor. After all, none of the wolves in the bestiary have Claw attacks!
The unarmed proficiency is also sort of a wasted point. Sure, it's nice that you're giving the proficiency needed to use the natural weapons, but it's expected that players will spend at least 1 proficiency at chargen for their primary weapon, and Beasts don't exactly have any other options there. What you're really giving there is an extra proficiency, because you're just giving something that anyone not deliberately trying to sabotage their character would be taking anyway.
I'd say you can go one of two ways here: You can either cut the proficiency and use the point toward something else entirely (combined with the point from dropping the Claw and maybe a half point from rejiggering the attribute adjustments, you could have the 2.5 for a stress damage "Howl" attack modeled after the drake's breath, which would be pretty cool and approriate), or give a specific trick highlighting something about the Warg's fighting style. The latter accomplishes much the same goal as your current approach, and although it's technically weaker from a minmaxer's perspective, it would make the species a lot more flavorful and interesting. Assuming typical wolf-style combat tactics, Ragged Wound, Mix Up for Trip, or Fully Engaged (consider the implications in a pack-hunting scenario where the prey is surrounded by more wolves than they can hit in one turn) would be pretty fitting.
And then there's Bloodhound. Here, I'm afraid I have to respectfully disagree with the wiki -- there's just no way that's a 2-pt benefit. The increased scent range just means you can smell as far as you can hear, and unlike in That Other Game there's no really significant intrinsic, mechanically-supported advantage to smell over other senses. Much like there's no real intrinsic advantage to hearing over sight -- and looking at Sharp Hearing, it looks like the design rule is that a sensory range increment boost that doesn't provide a major benefit in mechanical sensory skill use per se
should be packaged with an additional benefit worth roughly 2 points on its own (compare Sharp Hearing and Always Ready). A +4 bonus to a single, fairly niche use of a skill hardly feels like a 2-pt benefit to me.
Personally, I prefer to additionally have Bloodhound give a +4 bonus to scent-related Awareness checks, at the very least. Could even get away with giving the bonus to Perception checks too, now that I think about it. If you don't feel comfortable with that, then that's perfectly fine, but do at least bear in mind that Bloodhound is well on the weaker end of the scale for a 2-pt benefit, and so you'd do well to use the rest of the points in your budget more aggressively to make sure the end result comes out with enough nifty goodies to make the lack of hands worth it.
And Sure-Footed is another one you could consider cutting for something better. I won't recommend this change as strongly as the others, since it's reasonably fitting and something I haven't seen represented in any Origins so far, but it is a fairly unexciting and mediocre effect for its cost. Particularly if you're not beefing up Bloodhound, you could stand to drop Sure-Footed and put the point toward something with a bit more oomph, like maybe Sharp Hearing (if you can free up a second point somewhere)...or maybe bumping the Bite up a grade. Bite attacks get pretty damn scary with higher grades, and starting with Bite II before feats or anything else would certainly be quite the head-turner to help make the species appealing despite the drawbacks of Beasthood. Or if nothing else, you could swap Sure-Footed for Superior Runner I (it's not in the base species guide, but the Species feat guide ranks it at 0.5 pts), keeping the run speed benefit while ditching the less-appropriate carrying capacity benefit for a half point you could put toward something else.
TL;DR -- Neat concept, but the execution needs a fair amount of tuning up to make it appealing to someone who isn't already in love with the idea of playing a talking wolf.
I could continue on digging into the splinter race feats, but I think this wall of text has gotten plenty long enough at this point, so I'll take a break and cede the floor to other people to say their bit