[This template has been edited, as I realized that I want to fully cover the AD&D abilities.]
[And more edits, 13 Jan 2012]
After considering the abilities of Elves in AD&D, and comparing those abilities to GURPS equivalents, I've arrived at a template which should come close to depicting that fantasy race in similar terms. I have had to give up my dream of a "near-zero point" template for the elven race (though the relatively high point cost should compensate for the loss of "level limits" from AD&D), and I still have to work out the various elven varieties. This template should cover most of the surface elves (at least those from the Player's Handbook), however.
Attribute Modifiers: DX+1 ; HT-1 [-10].
Secondary Characteristic Modifiers: Per+1 .
Advantages: Extended Lifespan 4 ; Infravision ; Resistant (Sleep and Charm Effects*, +8 to resist) ; Silence 1 .
Disadvantages: Intolerance (Humanoids) [-5]; Sense of Duty (Good People**) [-15].
Racially Learned Skills: Bow (A) DX-1 -10; Broadsword (A) DX-1 -10.
Languages: Elvish (Native) ; Gnomish (Accented) ; Halflingish (Accented) ; Goblinish (Broken) ; Hobgoblinish (Broken) ; Orcish (Broken) ; Gnollish (Broken) ; Common (Accented) 
Features: Figure Height and Weight as if ST were 2 points lower.
*Includes the spells Sleep, Mass Sleep, Loyalty, Charm, and Enslave. Other effects can be resisted at the GM's discretion.
**Considered to be those who are defined as Lawful, Neutral, and Chaotic Good in the Greyhawk material. The Player and the Referee will have to work out how to handle cases of Humanoids who can be considered as being of those alignments, but I'd consider the Sense of Duty to outweigh the Intolerance.