I really like this analysis... until the end. I hope I'm not being defensive, as this age I'm playing an Elf/Mystic. Either way I'm not playing an Elf again next age, I just figured I'd give my input specifically on Elves since that's what I know best:
With these changes, Elf/Mystic should be specialized into duration spells, while Faeries hold the edge in instant/damage spells (+30%). Giving them NS isn't as big a deal as if they still had +30% instant damage... because as it is with these changes that is still a job ideally handled by Faeries.
Considering the nerf to their attacking ability, I really don't think the continued mana bonus/added NS is unwarranted. They should be capable of being good mages if they can't attack nearly as well. And it's not like we saw a ton of Elves the last 3 ages even with the mana bonus. So obviously the mana bonus isn't making the race overpowered!
I still think the Elf changes are perfect and the numbers behind them are perfect... it gives them purpose and significance as a support class! Before they were just sub-par attackers and sub-par mages. I, personally, don't mind them losing a little bit of one or the other to make them actually good at something.