Can you enlighten me about what the Elf will do there? A mid-level mage can cast some decent spells, maybe even summon a Phoenix or cast a Ring of Cold... If he's lucky, he might even produce a few minor artifacts, although not the most powerful ones.
If the final battle isn't too early (around week 6 or later) and the Elf manages to build a decent army (without wasting too much on neutral creatures and by developing his city properly), then Phoenixes, artifacts, and magic won't help the Academy.