Empire Cavalry List - 1,999 Points

I've never played Empire before, but I am very curious to hear what people think of this list. If I am a madman for trying to run all-mounted with Empire, I have tons of infantry options I can substitute in. 

It seems like flying characters are going to be very strong in TOW, but would it be better to put my Grand Master into a unit of knights rather than on a Pegasus? 

===
Sigma(r) Male Grindset - 1,999 Points [1998 pts]
Warhammer: The Old World, Empire of Man
===

++ Characters [608 pts] ++

Grand Master [270 pts]
Hand weapon
Full Plate Armour
Shield
Pegasus
Shield of the Warrior True
Sword of Battle

High Priest of Ulric [200 pts]
Great weapon
Light armour
Barded Warhorse
Armour of Silvered Steel
The White Cloak

Captain of the Empire [138 pts]
Great weapon
Full plate armour
Shield
Battle Standard Bearer
Barded warhorse
Shroud of Iron
Rampaging Standard

++ Core Units [507 pts] ++

9 Empire Knights [266 pts]
Lances
Heavy armour
Shields
Preceptor (Champion)
Paymaster's Coin*
Standard bearer
War Banner
Musician

9 Empire Knights [241 pts]
Lances
Heavy armour
Shields
Preceptor (Champion)
Paymaster's Coin*
Standard bearer
Musician

++ Special Units [613 pts] ++

1 Great Cannon [135 pts]
Veterans

1 Great Cannon [135 pts]
Veterans

4 Pistoliers [68 pts]
Hand weapons and brace of pistols
Heavy armour
Vanguard

4 Pistoliers [81 pts]
Hand weapons and brace of pistols
Heavy armour
Vanguard
Veteran (Champion) with repeater handgun

6 Inner Circle Knights [194 pts]
Great weapon
Hand weapon
Shield
Full plate armour
Inner Circle Preceptor (Champion)
Musician

++ Rare Units [270 pts] ++

1 Steam Tank [270 pts]
Repeater pistol