Hoards of both of them and many more varieties! Just got my fingers on a set of Oglah Khan and his wolfboys and I intend to mix all the older ones into my hord regardless of their weapons. I am still thinking about the problem of the wolves, think for sake of my collection I will put the normal Wolfriders on old school wolves and Oglah, Ghazak and the rest of the mongols on the fenrisian wolves.
Personally, I like arming thm with bows and shields - a little extra shooting can be fun and people don’t expect it to do much, but it often takes that extra wound you need and doesn’t cost much, pointswise. The shields make them a little resilint in combat as well - for half a point a model, they get a combat ward save and an armour save that may occassionally be used which’ll frustrate your opponents that such cheap models won’t die as easily and even if they do, won’t affect most of your army psychologically.
Kera, I see you post about modeling stuff but I have never seen you post anything about actually playing a Warhammer game. Ever! So if you’re a modeler/painter kind off gal, go with whatever you you’ll enjoy the most. But if you’re actually fielding the army, I’d do a mix. You can put the bowmen in the front two ranks of an archery unit and have a mix of bowmen and hand weapon & shield models helping fill out the rest. Or conversely you can have hobbos with hand weapons and shields in the front two ranks with a few bowmen mixed into the other ranks. Unless you’re planning on attending a GW tournament, I don’t think anyone will object to a disorganized-looking hobgoblin unit.
Best advice is to mix them up a bit. As long as 51% of the unit has what you want, you can put it almost anything. Make some with bows. Make some with shields. Make some with both. You might end up with 60 models that you can only use 50 of at one time, but you will have all the bases covered.