It is possible for more than one character to cooperate in the creation of an item, with each participant providing one or more of the prerequisites. In some cases, cooperation may even be necessary.
If two or more characters cooperate to create an item, they must agree among themselves who will be considered the creator for the purpose of determinations where the creator’s level must be known. The character designated as the creator pays the XP required to make the item.
So yes, the wizard could collaborate with an elf, each of them providing one or more prerequisites.
Arguably, "The creator must be an elf" could mean that the elf must pay the XP, and it is the elf's caster level used for the purpose of determinations where the creator’s level must be known. However, it is also stated that "the creator must prepare" the spells to be used, while we know that any of the collaborators can supply those spells; the parallel suggests that any of the collaborators can be an elf, whether or not that person is supplying the XP.
Purely as a house rule, I allow a substitute; the boots must either be made by an elf (per the DMG) or else from an elf.
-Hyp.