Let's make our own models (and maybe even animations)

It's possible to combine these two ideas and create a light elf in armor.
Actually, it's not entirely a joke; I once dreamed of elves in a knightly style in Heroes 5, similar to the high elves from Age of Wonders 3 (although there, the emphasis might be more on a church-like style than a knightly one, so it might not be a completely accurate comparison). In my opinion, it would be more interesting than yet another human faction.