I've been advised to make 500 point lists, so that's what I've done. Here are two that I could assemble after picking up two or three new miniatures for my collection. Please note that as far as fluff is concerned, I have it in mind to use Eregion/Rivendell to represent the 1st Age elves of Hithlum or Nargothrond, and I use dismounted Rohan to represent the men of Hador or Haleth from whom they are descended. The only hero who is conceivably representing himself on the table is Gildor Inglorion, and nobody has a clue who he's supposed to be in the First place.

List 1
Warband 1.
Gildor (I was damned lucky to find a retailer with one of him left in stock.
4 Wood elves w/ Spears and Bows
8 High Elves w/ shields and spears.

Warband 2
Grimbold
4 Rohan Outriders (without horses)
8 Helmingas w/ shields

Warband 3
Rohan Captain w/ shield
4 Rohan Outriders (without horses)
7 Helmingas w/ shields
1 Helmingas w/ shield and throwing spears


It's a pretty simple list, tactically. The outriders run ahead and try to harrass heroes, the high fight value elves stand behind the high strength helmingas and support with their spears. Gildor acts like a lop eared ringwraith, using Immobilize to deny the enemy use of their best hero.

List 2
Warband 1
Gildor Inglorion
2 High elves w/ Elven Blade
1 High elf w/ Spear & Shield
1 Noldorin Exile w/ Banner
8 Noldorin Exiles w/ Bows

Warband 2
Elladan and Elrohir w/ Heavy armor and bows
5 High elves w/ Elven Blades
6 High elves w/ Spears and shields

I'm a little bit circumspect about including a Banner in a list that's only 2 warbands, but there's really no way to fit three whole elven warbands into a 500 point game. I don't really know how effective the extra movement for the Noldorin exiles will work out, if I feel like it's useless I might downgrade them to wood elves, and upgrade some more of my Blade elves into shield/spear elves.

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Elrond Nine Sixteenths elven does not exactly roll off the tongue.

With your first list I don't understand why you wouldn't take the outriders with horses if your goal is for them to "run ahead" and harass, their speed isn't good enough to really accomplish that really effectively on foot

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Pointcost is the issue. Dismounted outriders are dirt cheap and have a good Shoot value. So you're right. I ought to have said that the Dismounted outriders are supposed to saunter leisurely next to the main warband and take pot-shots as best they can.

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Elrond Nine Sixteenths elven does not exactly roll off the tongue.