Made a few changes based on comments. Elves are warriors with some magical ability. Their spells are geared towards combat, and elves lag behind specialized mages in total power.
ELVES (Specialist Class)
Primary Attributes: Skill and Wits
Gender: Elves can be male or female, as they treat both genders equally. Elves follow Apollo or Artemis.
Basic Hits = 10
Deadly Aim: Elves know how to target the weak spots of animals and similar creatures: they add their Skill mod to their damage rolls when using any missile weapon against Beasts or Monsters.
Elfin Magic: Elves use Elfin Magic, which aids them in combat.
Weapon of Choice: Bow or Sword.
Level Benefits : Each level beyond the first gives an Elf +2 Hits, +2 Power Points, +1 to Luck and +2 to Skill, Wits or Will (player’s choice).
Possessions: Elves start with a dagger, a sword and a missile weapon (bow + 12 arrows). Their starting wealth is 3D6 x 5 silver pieces.
Restrictions: Elves may wear any type of armor.
Elfin Magic = Skill mod + Wits mod
Mystic Strength = 12 + Elfin Magic
Starting Power = 4 + Wits mod
Power Recovery: Elves recover power by meditating within a forest. Each hour of meditation will restore a number of Power Points equal to the character’s level.
Magnitude 1: Mystic Arrow
This spell grants the Elf the ability to hit creatures affected only by magic when using a bow. This affect lasts for (1d6 + the elf's Elfin Magic) rounds.
Magnitude 2: Armor of the Oak
This spell grants the Elf bark-like skin. He receives +2 to his EDC. Elves benefiting from this spell may not wear a breastplate or helmet. Elves suffer no encumbrance penalty for this spell. This spell takes effect during the elf’s missile phase. It lasts for a number of combat rounds equal to (1D6 + the elf’s Elfin Magic).
Magnitude 3: Evergreen Spirit
This spell allows an Elf to instantly heal the wounds of the injured. Each use of this spell restores a number of Hits equal to (1D6 + the elf’s Elfin Magic) to the wounded being.