Warband 1 - Arnor Contingent
Aragorn, Isildur's Heir
8 Warriors of Arnor
4 Rangers of Arnor with Spears
300pts

Warband 2 - Lothlorien and Mirkwood Contingent
Legolas
4 Galadhrim Warriors with Shields
4 Galadhrim Warriors with Spears
4 Galadhrim Warriors with Elf Bows
202 pts

Total: 502 pts.

So what do you think?

Not sure of my opponents as will be playing at a Games Workshop store tomorrow (Friday Afternoon).

Comments welcomed and criticism critically needed.

Also, would giving Legolas armour help as much as I think it would?

Thanks,
LordElrond

Almost definitely just take regular Aragorn in this instance - his rule is wasted if it only applies to 4 models. Give leggy armour and a cloak, upgrade an elf to a sentinel if you can.

Aragorn's Rule applies to 13 models:
8 WoA, 4 RoA, Legolas.
Should I drop a WoA to give Legolas armour?

Then it would be like this:
Warband 1 - Arnor Contingent
Aragorn, Isildur's Heir
7 Warriors of Arnor
4 Rangers of Arnor with Spears
292 pts

Warband 2 - Lothlorien and Mirkwood Contingent
Legolas with Armour
4 Galadhrim Warriors with Shields
4 Galadhrim Warriors with Spears
4 Galadhrim Warriors with Elf Bows
207 pts

Total: 497 pts

Now 12 (-1 WoA)

If I was you I would either scrap the rangers or the elves and concentrate on just one, you can't use an armies full abilities with 500pts especially when other armies are with them, at 1000pts it is fine.

Aragorn is too big for 500pts as well - especially when the majority of the army he leads has such a low numbers and defence.