with range tech and energy gathering it could be done with as little as 500 mage 750 archer 500 EA. that's only 44 GH.
elves are a very expensive glass cannon. make it past long range and get to those mages/archer/ea and lots of death happens. later in the game the high defense values of humans and dwarves, they just squish elves.
if caragous were redesigned to basically be a mounted heavy infantry... that would be interesting. they've always felt like an unfinished project. maybe caragous absorbed power from wizards... up to a certain point.