first,sorry for my Englis I'm spanish.
Thranduil's warband
Thranduil
5 elves with the thranduil's rule for shooting with +2)throwing weapons and elven blade
5 elves with spear
Legolas's warband
Legolas with elven cloak and armour
5 elves (with the thranduil's rule to +2) and elfs bows
Just 350 points all
There are only 17 models but I have a lot of distance damage,6 point of might and magic

You might be spending a little too much on those wood elves with the 2point upgrade, 2 point throwing daggers, 1 point elven blades. Thats a 12 point elf!!!
However if you can tactically outsmart your opponent and use thranduils magic at its full potential the list could work.

I would have personally dropped the 2point upgrade (on the throwing weapon elves) and elven blades in favour of 2 more elves in legolas' warband.

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Go The Glorf!
My W.I.P - viewtopic.php?f=50&t=28062

a great list at 350pts imo would be the following

warband 1
legolas with armour leader
7 wood elves with bow
2 wood elves

warband 2
thranduil
11 wood elves with wood elf spear

you can mix the models in the warbands. i put them this way in order for it to be easier to read.

350pts
6 might
7+1+3 bow shots
22 models

legolas doesn't have elven cloak but trust me, i've been playing with wood elves A LOT and it's only useful against magic (unlikely to come across at 350) or another legolas. at 500 it's an auto include but at 350 you really need to get your numbers up.

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current armies: wood elves/galadhrim, easterlings, mordor.
high elves and azog's hunters are on the way...