I agree with the ludicrousness of a darkhound/wolf face-off. It would be like the Beltine raid on Emond's Field, only if Lanfear had shown up instead of those fades and trollocs. Fight over in 10 seconds tops...
But I disagree with RPA's theory, because I don't think the darkhounds can be reached. None of the DO's creatures are turn-able - most shadowspawn lack intellect to reason with, much less real souls to even reach.
If I had to assign a Last Battle role to Perrin, I would say: Perrin is going to bring good guys together against the DO, and wolves will be part of that. This may even be more important than any actual fighting that he does.
Rand's followers are varied, but they don't really work together. Perrin seems to have much more success on that front - he also actually tries to get people to some kind of meeting of the minds. Rand just gives them orders and a cold stare when they chafe. Perrin's the only guy who might be able to get the Tinkers to march to Shayol Ghul (to sing of course), and THAT might be the most important thing he does.
I don't really believe that the wolves themselves are important, because they're not going to channel or such. If they are important, it would be in this way: they violently oppose the DO, and every creature that can (and does) reject the Dark One needs to be united. This will help create enough "lights" (per Min's repeated "firefly" visions) to stop the dark from swallowing them up.
Those are my guesses and thoughts, but I haven't considered this issue (the purpose of the lesser taveren) before.