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First - the Wizard is illegal as is. You're not allowed to have two arcane items on a single mage. Depending on what your friends are planning on taking, I'd suggest dropping the seerstaff and picking up a dispel scroll for some defense.
Second - High Elves need only 1 Core for 1K points, I suggest you take advantage of that and procure a Bolt thrower by dropping a unit of archers. 1 RBT >>> 10 archers.
Third - at this point level, I think you'd be better off with a second mage than having the Banner of Sorcery. Dropping some of the extras (musician & SB's from the Swordmasters can probably go) can probably get you the points needed for a second mage. Consider dropping the White Sword and ToL from the Noble for now and just go with a mundane Great Weapon and Armor of Caledor for the Noble. Should be more than enough for most enemy Heroes.
PG are pretty great at this points level since few lists will have very large enough blocks of infantry to deal well against Fear.
As for Swordmasters, personally, I prefer the flexibility of having 2 smaller units rather than 1 larger one. This mostly is a result of forcing the opponent to have to target two different units if they wish to shoot at them. If your opponents are remotely aware of the notoriety of Swordmasters, they'll likely try to shoot them down before they get into CC. Which is another reason why I'd suggest having two mages as opposed to the Banner of Sorcery, so that you can be sure to have one mage be able to cast Shield of Saphery to help protect the Swordmasters.
Hope this advice helps.
EDIT: Dammit, you've edited your list before I finished writing down my thoughts!
Most of the prior comments still hold true (really would recommend against that costly a unit of Swordmasters at this points level).
The Chariot seems a bit out of place with respect to the rest of the list, I feel. This also feels like a much less flexible list.
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