Nice. I'm feeling a surge of warhammer inspiration. I think I have to paint my dark elf pirates.
I was surprised when my quickly made pretender showed up with a random elven name instead of the boring old ones.
Some thoughts:
Elven Warriors:
Spear costs 1 res.
Buckler costs 1 res.
Broadsword costs 3 res IIRC.
Leather Cuirass costs 1 res.
Base cost for all units 1 res.
So elven warrior with spear should cost 4 and the one with long sword 6 (or 7 if elven long swords are of superior craftsmanship).
Wardancers:
Unicorns cost 140 and are inferior to wardancers in everything but MR (more or less).
Wardancers have area 7 fear. This is very powerful. They are scarier than a cyclops. In warhammer they have fear i guess. This is more like terror. A group of wardancers will break any enemy within moments. Spread them through your squads and you will have a horrible fear machine. They are also recruitable everywhere.
Their defence becomes very high when they wield two ritual swords. Base defence of 16 is on par with devils.
2 magic attacs of 15 is also high. Nothing wrong with that, but also something that should cost.
I would triple the wardancers cost and see if I would still find them attractive. Unicorns on the other hand might be made cheaper.
Leaders:
Very high defense.
General:
Very high defense and/or awe on blessable units (air 10 blessing) makes them impossible to hurt without area spells.
Otherwise it seems fine. There are lots of commanders I haven't tried yet, but I find no cause for alarm (the war dancers got me a bit alarmed

).