Anyone with common sense will say no. There's no point what so ever. They're no different to blood elves (game play wise) and even if you want to get screwy and technical with the lore they're the exiled 10% of a race that had 90% of it's population massacred, there's fucking none of them left worth mentioning other than the windrunners where would they get these "heroes" from? It's just the small minority of alliance fanboys that are still pissy that the horde got an elf race and haven't dropped it 5 years from BC.
They would make more sense as a sub-race, like Wildhammer Dwarves or Dragonmaw Orcs. Because when you get right down to it, elves are elves, and both sides already have elves. It's not enough to have a unique backstory - races need to have enough physical distinction to pick their silhouette out of a lineup, and the gamut of elf builds has already been run.