Hi there my list is the following - point costs are
Not a concern so let's focus on competitivity.

Elrond
High elf with elven blade x6
High elf with spear and shield x4

Glorfindel, Lord of the West
High Elf eith elf bow x6

[?]
Knights of rivendell x4
Knight of rivendell with banner
Knight of rivendell with horn

Well I would suggest that you drop the hornblower from your list since elves have a naturally high courage. Then have Elrond or a knight captain lead the knights since they are your only choices. Also you might consider giving the bowmen spears so they can support you in combat latter on.

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"Draw your sword with a heavy heart, but swing it with a heavy hand"

What does this mean?
For competitivness take Elrond on horse to lead the knights, replace Glorfindel with the twins to get a good store of might and may let Gildor lead the third warband (his transfix can get very handy) and take only woodelf spearmen.

thanks guys, I have Elrond in the first warband because I have the White Council model already. I get that elladan and elrohir would be useful but a) I don't already have them and b) I'm not too keen on the models. As for the cavalry I agree with dropping the horn and for the captain would it be useful to have Lindir if I already have Elrond. I could take Gildor but they don't sell him anymore so it would be difficult/expensive to aquire him.