My two person lone wolf party:
I have a lone wolf wayfarer - Ifan. I'm level six or seven and have maxed out scoundrel and have put all stat points in to finesse. So far he has lone wolf and pet talk.
I added Fane, a rogue, as my second (I picked him because his fingers are lockpicks - turns out most things I can't open anyway so I just bash it down). I don't remember what his original skill was, but at level 3 I made him a lone wolf also.
Level 1-2 I used a lot of potions and a few res scrolls. Life was tough.
Level 3-5 Fane dominated the field the moment he gained lone wolf. He was probably doing twice as much damage as my wayfarer. I don't heal my characters during a fight. I use the restore boots for Ifan, I use poison puddles or use a skill ifan has to turn blood puddles in to poison to heal Fane.
About level 6, Ifan is starting to equal or exceed Fane in damage output - Fane can currently run 8.4 meters per AP, and gets a free movement every turn, and since the bow doesn't have huge range both characters tend to spend similar amounts of AP on movement.
I've only had one difficult fight lately (around level 6). It was against the chick with the blood roses. It was the only fight I've lost in maybe 5 levels. So I reloaded it, killed her, feigned death with Fane next to her while Ifan ran away from the fight. Next round I was able to fully loot her without breaking feign death. Next round I ran Fane all the way out of the fight - healed them up, and returned twice to finish off the rest of the rooms mobs.
Both characters do around 60-80 damage, more if critical. I kind of think the game would be harder with four characters to manage.
Plans - I'll probably get Ifan a level of Ranger at the next opportunity. I think it was Ranger that had a personal teleport that would come in really handy getting him up high during a fight, which will greatly boost his range and damage.