I am inclined to say "no" as well, but I'll actually tell you why.
First off, you don't have an anvil, not even a tiny one. You can argue that reforming 30 archers into a 6x5 can work, but come on, no it can't. If you're dead set on having archers, a big unit like you have is the way to go, but you'd be better off combining the two smaller ones into a single 20 man or trading them in for spears. You should be able to net 20 spears with command for the same price. Drop 10 archers from the other group, and you can have a decent sized spearmen unit to hold things up.
Which is what you need to do with cavalry. You play high elves, not brets. Our cavalry do not charge headlong into enemy units at this point level of a game and expect to survive combat. We hit the flanks, and we hit them hard and without mercy. Your dragon princes are too large, and I think a bit too much having 2 units of 20. I'd go for a hard-hitting unit of 10 with command, and a larger unit of silver helms for Tyrion and the
bsb to ride with. They will act as an equally effective character bus as the dragon princes, but at a discount.
The last thing I only have a half problem with, and that can be remedied in swapping princes out. You need a stronger life mage. At over 2000 points, a single
lvl 2 is going to get shut down pretty hard. You can expect at least one round of regrowth to be dispelled from a scroll, and another two from being outrolled or unsuccessful.
Get an archmage, make him
lvl 4, take the book of hoeth. Chances are very high youll get to pick the two spells you need and still get some other usefull things. The book will make you stop worrying that you just lost half of your dragon princes, because you KNOW they will get to come back.
Eagles look good,
BSB loadout is just fine. Tyrion is awesome...but still, you can get a lot of mileage out of a mounted prince at a pretty nice discount. Might want to think about that. Also, Ive found that running several (3+) combat nobles can be surprisingly effective. Keep each one cheap, barded steed, dragon armor, shield or
gw (i prefer the
gw, but some people just swear by a 2+ save). Don't bother with crazy magic items, just simple cheap ones. Magic attacks, fear/terror causing items, etc. Things which benefit the group as opposed to the lone noble.
Just my two cents