Hmm, you pretty much describe my last build prepatch, except that I was lower in level.
Let's go through this:
Studded Warclub is no spam weapon, especially with split wpf. Compare to 102 speed katana with 182 wpf. The katana will do more damage to medium armor. A little longer, usuable with shield on horseback, and affordable by just dropping your crossbow. Oh, when you meet someone in full plate the warclub won't bounce where the katana does, but that's a rare occurance nowadays.
Studded Warclub is no crushthrough weapon. Never had any crushthrough with it neither on horse nor on foot. Why not go with the barmace and 182 wpf (regarding damage that's about 1.5 ps, and should neatly cover the speed difference) instead? Dropping the light lance should cover the difference. I don't know though, on foot this might not be enough to crushthrough often.
Still maybe focussing on pole is better, since short weapon bumpslash without shield from a weak horse...
Let's see, couched lance without wpf ... oneshot kill. Or why not take heavy lance for way better chances in a joust, 182 pole wpf, and a hafted blade for foot combat and bumpslashing? Heck, leave the crossbow away and you can even squeeze in a shield when there's archers around.
Lastly, I think a horse crossbowman wastes wpf when he doesn't take horse archery. I could be wrong on that, though.
* Strength: 15
* Agility: 24
* Hit points: 50
* Converted: 8
* Power Strike: 5
* Riding: 6
* Horse Archery: 4
* Weapon Master: 8
* Polearm: 120
* Crossbow: 145
So all in all, imo that's several options to get a way more effective build, by not hybridizing all over the place. Heirlooming also favors taking a pure build with a good weapon, instead of having to split modifiers over weaker weapons in several fields. Sure, a well made hybrid gets a lot from his versatility, but given the constraints of skill points, wpf and upkeep, he always pays a price.
If there is too much incentive to pick up a weapon as secondary, then maybe there is something wrong with the weapon?