I think the mechanics would change quite a bit. MDF uses DFhack scripts, right? I know there are a few of those that would definitely help with making elves more elfy. For now, though, the main features are these:
-Instead of woodcutting, you generate logs at a heartwood shrine. Hearts take 10 logs to make at a shrine.
-The only digging you can do is using picks traded for from the dwarves or humans.
-You have access to most non-evil plants via the seed shrine, allowing a farming industry to be set up basically anywhere.
-Wooden weapons and equipment can be created at the relevant shaper's shrine, including mechanisms for traps. You'll have to trade for the better ones, however, as elves only have access to spiked balls, giant corkscrews, and giant axe blades.
-Rather than metalworking, you can infuse wood with any in-game metal (other than procedurally-generated ones) given the right ingredients, including alloys.
(-Not really a feature, but elves are generally better at hand-to-hand combat and get things accomplished faster due to higher agility.)
-A limited but highly effective selection of weapons
Main problem is that I know I want to add more features, but don't know precisely what.