if you can hunt down the dark dun editions of dungeon and dragon, they have 'upped'stats for all the stardard player races. i really liked that, i think it poped then to +2. i can't remember. but i do remember liking elfs.
in terms of whether 'elves would rule'? hmmm,..
well, i'm sure they would do fine.
but if the elves are lets say, near imortal, high magic-y kinda of poeple. (and low birthrate)
you may think that they have a pretty good handle on somthing akin to enlightenment. they cirtainly are suposed to be aloof et al. in such a case, WORLD DOMINATION may not be top on their list. things more like, conservation of nature, and balance of existance, self suficiency over expantionist behaviour.
your thinking of how you'd be an elf, like a human.
I've been creating a world inspired by the "shadow/darkness editions of D&D mag" I had elves as a race obsessed with the idea of efficiency. of everything. the world was cosmicaly post apocaliptic (big magic went boom, demons and angels throwing chunks of plains, hundreds of world sundered sort of thing) and the elves wanted to live with as few numbers as would be most efficient and long lasting.
magic that suported the idea(they didnt make wands and wastefull charge items.
language that suported the idea (there were lots of elves taking the vow of silence)
reproductive behaviours that suported the idea, (eugenics program breeding the elves to longer and longer lifespans with lower and lower birthrates.)
fighting styles that supported the idea (bows and arrows? nope. fighters, monks, rouges, etc that plan attacks down to the round, strike first and hard. force their foes to make mistakes rather than expending the extra effort to defeat a sound defence and if caught for longer than expected, retreat.)
i guess this post is really a combo of why i don't think elves should (or even in their current form: could) be the most powerfull race. AND what i am and would change about elves.