One of an Elf's best weapons is the Elven bow and arrow. Elves can become expert with them, but that's only part of the reason. If an Elf shoots an arrow with a bow, there's an extra +1 to-hit. If it's an elven arrow from an elven bow, that's another +1 to-hit. And the elven arrow also does an extra +1 damage for Elves. So go ahead and advance to Expert with the bow and arrow.
I wouldn't advance the short sword. An elven broadsword is a somewhat better weapon, and is the same weapon type as Stormbringer. When you find one, you might as well name it Orcrist to get double damage against orcs, too.
A two-handed sword advanced to basic will actually be one of your strongest weapons except in the very beginning of the game. Another good choice would be a long sword advanced to skilled, which also opens up some artifacts that you might find or wish for.
The only worthwhile chaotic artifacts are Stormbringer and Grimtooth, all the others only do extra damage to Orcs or Trolls. If you happen to get Grimtooth, it might be worth advancing to expert, but otherwise you probably shouldn't advance daggers. There are a plethora of artifacts that you may choose to wish for, or hope to find. Fire Brand and Frost Brand are both very good weapons, especially if you've already picked up a long sword. Excalibur is also good but it will blast you with its power much more often and more harshly, because it's intelligent. Grayswandir can be very useful in the endgame, but as a silver saber, those slots (up to skilled) might be better used elsewhere.
That's about it really. There aren't any particularly glamorous weapons for the Elf, besides the special ability with bows and arrows, and Stormbringer.
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