This is something I posted up on TLA, but I'll get your thoughts on it as well:
Just a quick thought. The special rule for Elven Blades is pretty pointless considering everyone gets hand weapons. Sure you can use it with bows but that's not much consolidation. As it is, Elves are expensive and can be a little fragile without the shield which is generally a much better choice for the points (I'm referring to High Elves here). Plus there's so much iconography with the Elven Blade (TLA sequence) and half the plastics have them equipped but they're just not that useful except in certain situations (like on archers - but not your front line troops)
So I was wondering if changing the special rule to remove the -1 to win fights was too much? I know it detracts from some of the unique wargear items, but apparently these blades are exceptionally balanced and expertly crafted. From my perspective it seems like it would make Elven battle lines with Elven blades a viable alternative.
Looking through the rulebook, it's generally only Orcs that pay the +1pt for a specialist weapon, and it suits for them because they are going to be in large numbers anyway so getting multiple Orcs into the fight (a standard one to win the fight and 2H to wound) isn't too much trouble. With Elves it's an entirely different kettle of fish. They're outnumbered and so will usually be fighting multiple opponents, providing extremely limitted opportunities to use the 2H weapon in combination with support (and are unlikely to use it otherwise). Dwarves on the other hand can get it for free.
For +2pts, an Elf Warrior gets +1 def, the shielding ability and can support allies. For +1pt they get a shield and hand weapon, a no brainer choice for the majority of your battle line (an equipment load-out which is unsupported in the model range). So if it was still +1pt, then we're comparing a (max) D5 model with a +1 to wound, or a D6 model with the ability to shield. And for +1pt, the ability to support as well. It doesn't sound too great to make spear/shield warriors redundant, but does make the elven blade a good choice.
Otherwise as has been said, it could be increased to +2, or keep the current 2H penalties and be a free exchange.