Try giving the wolf ship buffs. They actually help it stay alive and do more damage. Setting the wolf to defend, buffing it, and enchancing the rogue side while giving it imp evasion can do wonders in keeping it alive. I often send it into an elite pit trap to pick up stones with little worry that it will take any damage. Also, if you set it to defend, it is more likely to trigger sneak attacks on whatever attacks you while potentially drawing aggro.
Let Fluffy Live! Let Fluffy Live! *continues chanting*