I think what they should do instead is to establish that such a thing as an Elven beard does exist, but that it's very rare and only for the oldest of Elves, and even then that it has a particular look to it, which would be Elrond (Half Elven) in the Hobbit Cartoon. That beard type is specific though - it's basically the Abe Lincoln Quaker style beard, sans mustache. I think they should go a step further though, and make it so that this particular beard type doesn't even really have the chin hair, but is more like a very elaborate sideburns. This way players can reconcile Cirdan in LotR with the D&D stuff.
The question of Elven mustachios is way more fraught. Going down that road, perhaps they get something sufficiently weird there too, like only very light handlebars and nothing on the philtrum at all. These and only would be acceptable!
This thread is amusing lol