Blood Elves – A new race.

I agree with point 3. But look at the elves being suggested – high elves, low elves, elves of Elrath, sea elves, storm elves, northern elves... IMHO... ;) :p :) :confused: :mad:

The thing is that elves like sea elves and lake elves have been mentioned several times by heroes in dialogues. So, sea elves and lake elves are closer to the heroes than any other invented elves; they already exist, we just need to come up with units for them.
The idea is generally good; when I read the topic title, I thought it would be something like elf-orcs, IMHO: red elves – blood magic :p. And there are too many casters: Prince of Blood Elves, Daughters of the Legions, Lords of Thunder, Valkyrie.