We recently had a Tale of Gamers in our local store and one of our players built up a Galadriem force. Although it was one of the best looking, it sadly failed him in most games. Many of the weaknesses can be addressed by list changes. Being a ToG many of his decisions were in getting some specific, attractive models painted, some unique conversions done, etc. He also put a bit more faith in the combat abilities of the Elves, based on his SBG experience.
Here are the weak points you need to keep in mind:
1. Many Evil armies are going to have a decent Defense and your Strength is going to be a challenge. Against my Dol Guldur force, for example, he was needing 6's often, and 5+ at best.
2. Your armor is going to keep you vulnerable. Against many opponents they only needed 4+ to take out a model. Combined with #1, simple attrition says where this goes.
3. We all pretty much agree that the Galadrhim forces are overpriced. Compare a Formation of Galadrhim with a formation of Morannon Orc. The Morannon will outnumber the Galadrhim because they are so much cheaper, and in a toe-to-toe fight the Morannon generally cut down the Galadrhim due to the Armor v. Strength issue.
4. Elf bows are best in the game, but archery is still pretty weak against high defense. You need to play these well to make them work.
I'm a big fan of Wood Elves in SBG and hope to get a solid WotR Mirkwood force built in time, but it's really a challenge...Galadrhim are not that much better here. Small numbers are probably your biggest challenge and for this reason I recommend staying away from Knights for a while at least. Put the points to basic troops and archers.
Also, the only way you're going to see the bows really shine (and they can!) is to be throwing down lots of dice. Three Companies of archers is probably a minimum. Five or six would be potent. Two formations of 5-6 Companies and you're finally getting somewhere. If you do bring along Thranduil, he is able to join a Formation of archers and use magic to boost you up a bit, plus can call Epic Shot. You want every bonus you can get as a Str 2 vs. Uruk or Morannon armor isn't very good. But when you're throwing 40+ dice you're bound to get some sixes.
Mobility is important. At The Double moves with their Pathfinder rule can mean you can quickly flank enemy formations and you need this. As mentioned above, going toe-to-toe with 6 Companies of Galadrim vs. 6 Companies of Morannon I believe you will be disappointed. But hitting those Morannon on the flank or rear thanks to an At the Double helps greatly.
As for deployment, I recommend you avoid large block formations vs. most foes. A block of 6 Companies is hard to maneuver thru enemy formations and terrain and may slow you down and force you to face front armor (shields) of your enemy. Formations of 4 Companies are often small enough to be able to slip thru better and are still large enough to deal and absorb damage. Here's where the Captains come in. More formations mean more Heroes needed so cheap Captains are good. In addition to their At The Double they add to your pool of Might, and an Elf Captain has decent stats so calling an Heroic Duel can take out many Evil Heroes (including almost any Evil spell caster!!).
Magic can be a great ally. Galadriel, Gandalf, Saruman and others are all strong and themed options. Look for good spell combos and creative ways of using them. At 1000 points you could probably benefit from one very strong caster and perhaps one combo warrior/caster ( Thranduil, Gildor, etc.).
Look close at every special rule for your army and Heroes and have some ideas in advance how you are going to use them. After all, you are paying for those rules and they are just lost points otherwise. NEVER FORGET YOU HAVE TERROR!!!
It's funny how in SBG a force of Rivendell or even Galadrhim elves were often top-dog on the table, and even my Wood Elves were an army that I would put against any other foe (even did great with them at a Games Day a couple years ago). But in WotR the excessive cost per Company of Elves just seems a little too high to produce a balanced force and the army just takes more effort to build and play well enough to justify their status as Middle Earth's best.