Playing as the elf, I'm going to invest most of my skill pints in the bow and arrow skill tree. Power Shot, Impact Arrow, and Clone Arrows (when I get to that level) seem to be the way to go.
However, there will a times where I will run out of arrows and need something to fall back on. It seems like the 3 paths would be...
Kicks: Dumping skills points in Deadly Boots to give boots extra damage. I heard this scales badly late game, but kicking is the only way to hit airborne enemies without arrows.
Elemental Lore: Unlike the magic used by the Wizard and Sorceress, it has unlimited use, but it's also weaker than the dedicated spell casters. It uses a wind spell by default though the spell changes depending on where you are standing.
Daggers: Points are dumped into Backstab for the damage. Maintenance and Holdout Dagger add some longevity. Like arrows, daggers benefit from Toxic Extract and Salmander Oil. You must be behind to take advantage of the backstabbing ability, but the damage output is insane. Sadly, daggers, like all weapons you pick up have limited uses and this route requires a huge investment in SP.