Spellborn sounds like a fun race (hehehe).

And ideas on the elves:
pros: 
-fastest and most agile race
-excellent hand-eye coordination
-able to do minor healing, plant or animal magic (pick one) (basically heal minor injuries, talk with plants or talk with animals)
-Not affected by illusion magic, and resistance to sleeping magic
cons:
-Highly squishy
-highly noble/chivalrous
-they're highly self righteous
-can't lie
-hold promises to the word