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Tenebra
There is two flavors of Blood Elves playable. None of High Elves.
And VE doesn't fit the story more than the HE would have. Apart from one quest with void rift (and mages would have worked as well) and the incursion (which would have been different, obviously), everything done with them could have been done with the Silver Covenant.
I like VE but they are a mess and won't ever matter much. And WoS was certainly not development for the Draenei. It ended being some for orcs, by virtue of the Mag'hars becoming Allied Race but, just like Argus, none of WoD was used to develop our draenei. We saw their past, and as my favorite race, I was thrilled and I still think that the draenei zone here are the more beautiful in the game.
But the playable draenei did not grow thanks to it. We still don't know how they are organized, how they feel about the Horde, the LF, their life on Azeroth, rediscovering Argus. Or how the younger among them felt when they saw a world they never lived on !
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I wouldn't sever all magical classes from HE. Priests and Mages could stay, but warlocks would be replaced by shamans (wildhammers influence) or druids (kaldorei influence). Still, classes would only be : warrior, hunters, rogues, mages, priests, shaman/druid.
Of course, in reverse of VE/NB, the Horde would receive Druids of the Flame as an allied race
Also, I don't find the Nightfallen ugly. They are gaunt, yes, but a tweaked Nightfallen skeleton for High Elves could have prettier faces while retaining this emaciated appearance. Kind of like fashion models IRL.