I haven't run this force yet, but I am excited to play it! *Note: all forces come from the LOTR blue book*
Warband 1
-Thranduil
-6 Mirkwood guards (elf bows)

Warband 2
-Gildor
-12 Noldorian Exiles (throwing wpns)

Warband 3
-Legolas
Warband 4
-Haldir w/elf bow and armor
Warband 5
-Rumil

It is hard to make an elven archery army, but I think this is as close as I am going to get. Gildor and Rumil are my infintry. They run around throwing shrukiens, immobilizing bads, and swinging swords. Everyone else shoots lots of arrows and with a 2+ to hit, they will be hitting a lot

You didn't specify what wargear they have, so im not sure if your bow limit is ok. Im assuming the Mirkwood Guard have bows and the exiles have anything but bows.
I'm guessing this is 500 pts as well? or is it 600?

It is quite hard to make an archery army, as you normally have to leave something out, so it doesn't feel quite right.
Initially, i thought this army was a bit too hero heavy and not enough troops, which is true, but if you face the right opponent and deploy well, with a bit of help from Thranduils Dismay, you should be able to outlast an opponent. The main weakness here would be a lack of troops, making you outnumbered, and a lack of 3A heroes, so you would need to focus fire on an enemies 3A heroes or monsters. Rumil won't win you the day against them.

I say give this one a test run, then give it a test without Gildor or Rumil to see how you go and add some more troops in. Then if you feel like it, try it without Thranduil and the guard upgrade, just run max troops with Legolas, Rumil & Haldir.

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My trade thread
http://www.one-ring.co.uk/viewtopic.php?f=38&t=25957&p=325932#p325932

Oops. Kind of important details, eh? 600 points is the total, and you were right about the weapons. Guards have bows, and exiles have throwing weapons.

I like the idea of running it with rumil, haldir and lego with maxed troops. Especially since i just ordered warriors of lorien or whatever they're called.