The only problem I have with this is that not all of the elven pantheon are actually, well, Gods. Some are just ancient elves. Lloth, for instance, was originally just a plain ol' elf. It wasn't until she left the Elves following a personal/emotional clash and sought out power for revenge (the exact events are undefined, just an adaptation from how the story of Lloth has usually been told/hypothesized in other media) that she ascended to the status of Goddess (although technically she's a Demon, not a Goddess).
These others, aside from most notably Yaegar, do not have such a rich background for which to support a claim for Godhood. From what I've discovered IG about them is more that they were among the first Elves. It's unknown if they still even exist.
Yaegar I could support as a religion, but only if a plot comes about to flesh him out a lot more. Yaeson did a lot of work on that front, but (at least from the outside looking in) it seemed to be shot down or ignored quite a bit.