So Ive been working on a Rivendell army for a tournament I'm going to so here's what I came up with

Rivendell
12 High Elves /w Heavy Armour, Shield and Spear/132pt
19 High Elves /w Heavy Armour and Elven Blade/209pt
7 High Elves /w Armour and Bow/ 70pt
Elven Captain /w Shield/75pt

So what do you guys think of this army

Your army is good but what if you added a named hero...
I am sure it would help you a lot.

You really should max out on bows, it's one of their strengths. A few alternatives:
You could save a few points leaving armor off the bowmen (use wood elves as proxies).
Giving spears to the bows could help with tactical flexibility later in the game.
Using the Twins instead of the captain makes it a bit hero heavy, but they are pretty potent heroes.

Otherwise there's not much else you can do with high elves at 500 points.

At 500pts, named Heroes aren't necessarily a good idea for High Elves. Apart from Arwen, all their named Heroes are over 100pts and thus too expensive.

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

how about this:

gilgalad

11 high elves with h. armor and shield
11 h.e. with h. armor, shield and spear
5 h.e. with h. armor and elf bow
6 h.e. with h. armor, elf bow and spear

34 units, 3 might, 11 bows, 498 pts

it would be a trouble to convert those elfs with only shields...

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"make me lunch... worthy of Mordor"

Yeah it's a shame that you can't buy elven sheilds straight off of the GW website as they are really useful for your normal elven warriors yet you have to take them from spearmen so it takes a lot of money