I have somehow ended up w/no pictures of my usual costume.
It sounds to me like you're on the right track. The thing with elves, is, just like fairies, there are many different kinds of us. Sounds like you want to be a woodelf?
Here are my suggestions/take on being an elf. If you go with the short bodice/long chemise combo, I'd suggest making the chemise a bit fitted through the waist, or you may get lost in too much fabric. Or, make the pants more fitted rather than blousy harem pants. Think flowly, but slim, rather than flouncy ocean of fabric. Some floaty is good, and helps with the "fae, but not fairy" look. TOO much floaty will just get caught on trees and whatnot as you try to run through the forest. Elves tend to be a bit more subtle w/magic than fairies, so the dress is a bit more practical than that of the fairies.
I usually wear a full bodice, either w/a bell sleeved shirt or just bell sleeves, 2 skirts, the under one split into 2 panels, the over one split in 4, with leggings under that, and tall boots. If I've got my bow w/me, I usually add my archery gloves and bracers (worn over the sleeve on my shooting arm).
I don't know if it will work or not, but here is a link to a piccture of an early version of my garb: http://www.facebook.com/photo.php?pid=340458&id=612937251
And here's a picture of another wood elf costume I made: