Common enemies, high cavalry and low infantry armies such as Rohan and a all mounted Gondor army. I've designed this list so that it can be purchased with out ordering models online and also to stay on foot with maximum spear support, to reduce the devastating affects of cavalry.

HEROS
Galadhirm Captain 60pts

WARRIORS
15 Galadhirm warriors w/elven blades 150pts

16 Galadhirm warriors w/elven bows 160pts

16 Galadhirm warriors w/spears & shields 160pts

Total=530pts, Bows=16, models=48

Does anyone want to share their thoughts?

I would exchange the captain for rumil or haldir and give all the elves with elvenblade a spear and a shield instead.

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"make me lunch... worthy of Mordor"

I agree with fritskuhntm about getting Haldir or Rumil. Otherwise, it looks good.

By the way, 550pts seems a strange amount, and also unbalanced. For example, at 550pts you could get Durburz, the Witchking (with full Might/Will/Fate), and sixty-eight Goblins. That would be very difficult to beat.

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"There are few left in Middle Earth like Aragorn, son of Arathorn." - Gandalf, Many Meetings

Yep, blades are useful only in small numbers. You might consider squeezing 3 Guards in, especially if you take Rumil, the pikes are extremely useful.
Also agreed about the 550 points...do you have a death wish? "Fair" point lines are 500, then 700+.

The list is for a tournament unfortunately I have no say in points.