Here's a thought.

In the book of Magecraft it states that elves use the art of spellsong to cast
their magic. No race, even half-elves can master this. It doesn't really say
much else about it, but if you are looking to give elves a slight edge (and
have precedent for doing so) perhaps you can use this.

Disclaimer: I have not done this in my campaign. And don't do this for Realm
Magic, it'll really scew the game balance.

The edge is this: elves using spellsong do not need spell components. That's
it. Now make everyone else (priests, too!) use the require spell components
rule. NOW you've got an advantage. Think on it...

- -DKE