After re-reading the elven Virtues and the different thoughts about it, I found that there are just 2 things that I'd like to see changed:
1)
Stinging Arrow being the first "spell" in Wood-elf Magic, which isn't very useful for spearmen.
2) That the use of every ability related to Archery demands Hope expenditure.
Besides that, I don't feel the need to change the Virtues themselves. I always think that, the less changes, the better.
For the first one, I think an easy solution would be to make Elf-lights the first "spell" and Stinging Arrow one of the list that you can master using a Fellowship Phase and spending one XP. Stinging Arrow shouldn't be mandatory to learn Enchanted Sleep. The player can choose which one to learn each time.
For the second concern, the one about Hope points, there can be plenty of alternatives. I like a lot, like a said, tying the use of the Virtue with the Wisdom of the character. I'd limit the use of Deadly Archery and Stinging Arrow to as many times as Wisdom per Adventure Phase. In fact, Stinging Arrow also elevates the Eye of Mordor, as it is considered Magic. And reaching Wisdom 6 is not so easy, so that I don't expect most elven heroes to use this abilities more than 3 or 4 times per Adventure. Not so overpowered when we are talking about the "feared" elven archers! And, again, we are talking about increasing the chance to hit or wound with a short bow most of the time (I don't think most mirwood elf players will learn long bow), with its low damage and Injury.
Besides, I like the relation between Valour and Magical Items, which scalate with the character. In the case of magical abilities/Virtues, I'd like to see such relationship, but regarding Wisdom. Otherwise, when they are related to Hope, the fact is that Virtues become less used as characters grow, instead of becoming more powerful as the heroes raise in personal power and knowledge.
Or at least, the Virtues could have the structure of Staunching Song: one basic effect by passing a skill check, and a higher effect if Hope is spent.
For me, that would settle it all. But I'm eager to hear critics and opinions, as you guys always have something to add that surprises me.