Great advice above. Check the mags first; when I was tasked with troubleshooting a problematic M16, step one was to try it with a brand new magazine. That solved the problem over 90% of the time. I've heard that the mags were actually designed to be disposable one-use items; whether this is true or not, they're very fragile and they don't work right when damaged. Make sure that yours are good. This is probably the single most important factor to ensuring adequate reliability.
Read the manual. The manufacturers have a pretty good idea of how these things tick and they're the ones that write the manuals. Listen to their advice. Every manual advocates using as little lube as possible but they really mean it with the M16/AR15. Most of the weapon should be nearly dry. Most shooters (myself included) are notorious for overlubricating weapons. Too much is actually worse than too little.
As has already been mentioned, steel wooling the firing pin won't do much. If it's chromed (as it ought to be) it's harder than the wool anyway.
Speaking of which, you know all that carbon that builds up on the back of the firing pin and also the bolt? Get it off. Scrape it off if you have to; a stripper clip works well for this and isn't hard enough to damage anything. It takes a long time to get it to the point where it causes a problem but why wait? Take care of it early. It only gets worse.
When I encounter a malfunctioning AR today, it's normally operating outside of design parameters or was abused during cleaning. Don't put stuff in the gas tube. (It'll clean itself just fine, trust me.) Don't replace the buffer with something weird. Don't play with the gas port. Check that the gas tube is engaging the key on the bolt carrier properly. Make sure that the gas rings are spaced. Keep the operating system as close to what Stoner envisioned as possible; he knew what he was doing. (Imagine that.)
An M16 or AR15, with halfway decent ammunition (and Wolf is halfway decent) and a good magazine, clean and not full of sand, should be able to hit 600 rounds or so without any issues. If yours doesn't, it was built incorrectly or it's being maintained incorrectly. (Or it's full of sand.) This is coming from some guy on the internet who claims to be a former armorer. Make what you will of that.