Well, I'd say yes, but in all honesty, Eldrazi Monument costs too much. I don't like having to sacrifice creatures. I run T2 elves, And I've had some success. Vines of Vastwoods are amazing, some Naturalizes are always great to have. Canopy Covers are great, especially if you enchant Warcaller or Omnath with it. Nissa is great here, Garruk also would be awesome, to keep mana flow up (for Warcaller) or to boost everything with his -4 ability (overrun). Might I suggest a Strength of the Tajuru? Use it on your Warcallers, and everything gets buffed. Good luck with Elves, it's a tough deck to use currently.
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I hate the name. But, looks pretty good. I'd say add a Overwhelming Stampede or 2, with Beastmaster Ascension. With that many wolves, questing out BMA shouldn't be a problem.
Day of Judgment says hello. Seriously, no spells other than Elves and Coat of Arms? Oh, let's not forget the nice little black ROE card, Consume the Meek. That card will completely annihilate your forces, and there's nothing you can do. No naturalizes, No vines of vastwoods, no anything? Look out for Burn decks. And black decks of any kind. Less creatures, more...everything else.
You have a life gain deck, and you consider Gideon over Ajani? Maybe it's just me, but that sounds stupid. Yeah, his first ability can definitely draw heat off of you for at best a few turns, and his second can take care of some pesky creatures you can't block. But No Ajani PERIOD? His +1 ability gains you 2 life. That's enough reason for consideration right there. His -2 puts +1/+1 counters on all your creatures, and gives them Vigilance until end of turn. And his -6 is just outrageous. You get an avatar token who's power and toughness are each equal to your life total. This deck is screaming for an Ajani or 2, and they are far cheaper than Gideon.