The concept is right mrfuji3, but I wouldn't touch things like AC and DC. Bounded accuracy is stable and amazing, but also delicate. PB to damage on the other hand is interesting for orcs, but feels more like a cultural thing rather than physical for elves. I'd go with a double range on ranged weapons to stress their long sight. The advantage on identifying spells that as been suggested before is even cooler because it's usable by more classes.
On top of that, IIRC, small creatures already have disadvantage against bigger creatures.
There are one thousands way to improve races and make them more unique. We can list them for months without getting short of new ideas. The point is that a feature will always be more interesting than a number.
