They can hold their own at magic, but lack a high degree of fighting prowess. The elves have a lot of playable disks. Most have a toughness of 3, the archers are 2. The elves require either finesse, or lucky missile fire. I can't help you with the latter.
Elven tactics can be highly varied.
If you can pick a terrain, definitely take a ruins. You can vary your army based on scenario. Tree Ents can be useful to keep enemy disks away from your archers. If speed is the key, take a lot of windriders, elven bard, and Highlord Tiranor. Prince Leorth is another good buy.