Picking a Warlord from your army can be any model, but picking a Character gives you benefits. Sure, every model (Save for drones) we can pick from the HQ slots are characters, but there are other Characters within our Army Roster. Notably the Kroot Shaper and Firesight Marksman.
Load Out: It's really simple. There's no options for him to take past his basic wargear. The only real thing to consider is whether you want to put the PEN on him and deploy him next to a Broadside or something. As for the Warlord Trait, Kauyon is the way to go. It's not like he's going to be moving around a lot anyway, so allowing you very accurate Markerlight hits is a plus.
But he's really weak to be a Warlord...
True, he's not very resilient as a model by himself. But getting a +2 to his save when he's in cover is rather nice. Being a small model means LOS isn't a huge deal. And deploying a Drone squadron (Of any type you wish; I prefer Shield or Sniper drones with him) around him makes it even more difficult to target him flat out.
Wouldn't a Commander or Cadre or Ethereal make a better Warlord?
They might be, depending on what you're planning on doing with your army. But most Commanders are trying to get into your opponent's face, and Cadre and Ethereals are rather obvious choices. The Firesight Marksman can throw your opponent for a loop with being a bit confused as to why it's your Warlord, as well as be a rather low-priority target compared to the benefits that the other units provide. And, if any missions provide double or more points for slaying the Warlord, you're giving up almost nothing! And with being in the Elites slot, it can help fill out other rolls in Brigade or Vanguard detachment with ease.
That's great and all, but I feel that...
-Reasonable Discussion Players
You're welcome to your feelings and thoughts on this. In fact, I'd like to hear them! Please feel free to share here.