I think I’m a bit too attached to my vision of D&D to give Elves a monopoly on the cleric’s role (there is enough incentive to go elf already), but I would definitely be in favor of a divine-casting elf class to add to the game. I would lean more toward the shaman-type spell-casting to fit with the elf’s connection to nature, but I could also see a “high elf” type class with more cleric-type spells.
Divine elf concepts that I’ve had:
Arcane-priest: It is way too easy to make a wonder-worker-like elf with all the spellcasting but none of the huge ability requirements. I am reluctant, however, since this seems munchkin as hell. Maybe give only a smidge of arcane casting (elf 1 or 2) to give a taste of the elves arcane without going overboard?
Elf-Shaman: Basically the shaman with elf 0, and a few trade-offs and options to fit elves better. Might change the totem animal to something else.
3.5 ranger: Shoe-horn in some minor divine casting into an elven ranger/explorer-type class. I think you’d have to go elf 0, hd 1, fighter 1(thief), thief 1, divine 1. Not very powerful and requiring lots of trade-offs to get everything right, but essentially a sneaky-ranged-fighter-hunter with some nature-y abilities, and the smallest bit of shaman-magic.