unfortunately it'd be hard to directly make elves stronger without annoying players that main other races, however, thats kinda how elf mains feel already! Make those humans and giants feel what the elves have felt for years!
I don't really think Elves Vs Giants is that imbalanced, it's mainly Elves Vs Humans that has issues (and to a much lesser extent, Humans Vs Giants).
Just improving skill multipliers for Elven Archery and Magic will only improve their Archery and Magic, give them no extra potential in future Int and Dex skillsets to come, an Int and Dex surplus would be preferable.
If you really are concerned with pissing players off by buffing a race, how bout we just get rid of races? Affirmative action is only half a solution to a world distraught by discrimination, you need to set the past aside and just make things ideal for now, now is what matters.