I always thought LeShay minus the lightsabers equaled Tolkien elves. I wouldn't mind the suggestion that all elves encountered have a minimum of 20 character levels though. I simply don't think that Tolkien elves as a race are the sort of thing that would be playable in a low level campaign. I think they're just too powerful for that. The Tolkein elf "feel" is "I'm better than you mortals".
Likewise, I also wouldn't allow someone to play Superman in a low level campaign, nor Hercules. Not everything written in fantasy or myth is applicable to low level gaming. Some things simply need racial HD or LA.