After playing with Isengard and getting a feel for the game I think I want to play wood elves. I am bound to get a Legolas, what about other captains?
Rumil, Haldir Helms Deep, Haldir Scout, Captain or Thranduil?
I believe 3 war bands will be enough for 500 points.
What I am thinking:
Warband 1: Legolas, 12 Wood Elf Warriors.
Warband 2: Haldir/Rumil, 12 Galadhrim Warriors.
Warband 3: Captain, 12 Galadhrim Warriors.
Also is a banner useful in such an army?
What do you think?

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At 500 points I would play either Lorien or Mirkwood, because it's more themed.

Mirkwood:
Thranduil is nearly a must have, because he is allowed to auto cast to spells. Legolas is the second named mirkwood hero in the "old" woodelf list. In the Hobbit list there is Tauriel (but she only is allowed to lead new Hobbit woodelves). If you like the mirkwood rangers, I'd field Thranduil and Legolas with old Woodelves and Tauriel with a few Rangers.

Lorien:
Rumil and "old" Haldir are really good for their points. Celeborn and Galadriel are a bit expensive. Galadriel Protectress of Lothlorien is really cool, but not allowed to lead troops. I also would try a stormcaller to see wether you like him or not.

Thanks! By old you mean the non-armor Haldir or the Helms deep Haldir? Or does it have to do with rule changes?

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There is one called Haldir, who is equiped with an elvenblade an allowed to be euiped with armour and elven bow (and elf cloak). This Haldir is allowed is allowed to shoot twice per turn. The other one is Haldir, Defender of Helm's Deep, who is already equiped with armour and bow, but got other special rules.