Elves are an aggressive race, so, in my opinion, the upgrade path should be built with a focus on a blitzkrieg strategy:
1. Attack (choose perks based on the situation; I usually take archery, but not always).
2. Light, IMO, is definitely the way to go. Mass acceleration doesn't need any explanation, and mass smite will boost the elf's not-so-high attack.
3. Luck, without a doubt. You can upgrade to Elven Luck, but again, it depends on the situation; magic resistance might be necessary. After that, choose based on the situation, but I usually take logistics and education; leadership can also be a good choice.