Titanium is no adamantine, but it is as strong as steel at about half the weight, and dwarves don't know how to smelt it.
Just because this is one of my pet peeves, the
very best titanium alloys are really only able to equal the strength of medium-high carbon (.5%-.6% carbon) low-alloy steel, and only within a narrow range of hardnesses (about 30-42 HRC). More advanced steels are stronger.
Any steel with a carbon content of 0.5%-ish percent or more can be made harder than any titanium alloy known to man, which is pretty important for cutting implements (through-hardened swords tend to be about 50-52 HRC, and med-high carbon steels can easily be hardened up to about 58 HRC without becoming overly brittle, while titanium alloys have a limit of more like 42 HRC, and tend to become a little more "crumbly" than brittle at high hardnesses).
Pure titanium, on the other hand, is actually about 25%
weaker than annealed 90/10 bronze, which itself is about 20% weaker than annealed low-alloy medium-high carbon steel (AISI 1060).
http://www.matweb.com/ is your best friend when doing any mods that involve metal! I wish there was a similar site about rock. I really do.
Oh, also, I can forgive eating dead people to grok their essence and whatever else, but elves really need to get the stick out of their collective butt about killing plants being unthinkable.