My first attempth.
You'll see that the skin of the blade wasn't touched as I couldn't modify it because it's connected to the model itself.
http://www.easy-share.com/1915990456/patch-8.MPQ
Just a single patch file, if not wanted, just delete :P
Screenshots here:
wow modding: Blood Elf Guard reskin - a set on Flickr
This may prove good for most High Elven mods.
Cheers and enjoy