Then again, this is a fun game to be played for fun. Sometimes I like doing things that are characterful rather than things that might win me a game.

In any case I think the message in terms of this army is clear, by all means take Gil-Galad mounted, assuming that you have the model converted.
Just don't feel he needs to go on a one elf Rambo mission without his army supporting him.

Jordo, so you've got 75 minute matches, any idea as to the scenarios?
The main thing to keep an eye on if this is your first timed set of games is just that the time. Don't leave it until its too late too remember the objective. The real discipline there is remembering the objective throughout the game and not always obsessing over destroying the enemy army.

Gildor is not the easiest elf to use but I've seen him put to good use. He makes wood elves pretty damn quick and with throwing daggers you can get some fairly decent skirmishers for the rest of the army.
Rivendel Knights are extremely efficient models if you know how to make the most of your cavalry. The only way to learn that is to get some field practice in, getting used to when to shoot, when to charge and when to withdraw to reform.
Elrond, is a beast of a leader but will eat a lot of your points at this level. If you look at this option you may want to consider Lindir mounted and go for an all Knight force.

Elves have got lots going for them in terms of fight, armour, courage and missile skill. They can struggle a little with strength and numbers, as those awesome heroes are very pricey to buy. But they've got the tools they need for the job, you just need to find the balance that works best for you.

The scenarios have yet to be posted. My guess they will just be from the regular 6 in the source books. I do not have a converted Gil-Galad yet so he is going to bench this one out I'm afraid . Here is a list I came up with so I could use Knights and exiles without sacrificing numbers. Little low on might though.

warband 1.
Rivendell captain w/shield
5x R knights w/shield

2.
Erestor
6 High elves with spear and shield
3 High elves with Bow and Spear

3.
Gildor
5 exiles with spear
3 exiles with bow
2 regular wood elves.