Elves probably are cheaper and easier for you.
Decide whether you want High or Wood Elves.
Wood Elves are definitely more shooty than High Elves. High Elves rely heavily on heavily armoured warriors. Wood Elves are the chaps and chappesses in Lothlorien and Mirkwood, High Elves are primarily 2nd Age but also Grey Havens and Rivendell.
The Wood Elves I feel are a lot more flexible.
You should get a set of Wood Elf Warriors, Galadhrim Warriors and Galadhrim Knights - all are plastic. You can field two warbands - one unarmoured Wood Elves and one Galadhrim one (you'll need 6 of the Galadhrim Warriors to represent Knights who have had their horses killed). This goes for a Lothlorien army - instead, you may want to field just pure Wood Elf warriors if you are going to play Mirkwood, but that's a bit fragile. Though that's a fluff reason, field Galadhrim in your Mirkwood army if you don't care about the fluff.
To lead them, you may want Haldir and a few Captains should you want a Lothlorien Army. You could go with Legolas and some captains for Mirkwood.
Have fun with the game!
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