I must say I like the concept developed by Tiberius and Tienety^^
However, I'd prefer Elrond to start with his UJ armor since level 1, and then gaining, on level 5, his DG one (or his Last Alliance armor, which looks similar to the DG one). Why?
Mainly because of the game setting. Since all the matches are set on battles, fights and war in general, I've always though stupid for Elrond (who is also one of the most powerful commanders in Middle-Earth) to go fighting with his robes. So, my opinion is he should already have his normal armor when he reaches the battlefield, and later on he should gain a more powerful one^^
EDIT: Forgot to mention, I think it's better he has on level 1 the mount, and on level 7 the flood
The robes are still essential, I believe
You have to consider the role of Elrond in the Third Age (especially the Late Third Age) and the nature of Imladris itself.
Elrond is indeed a great commander, with an unmatchable experience that goes back to the First Age, when he experienced the War of Wrath and the Splendour of the Host of Valinor.
But, we shouldn't forget that Elrond, in the Late Third Age, is a powerful Elven Lord, who lives in an enchanted Holy Sanctuary that he himself has established; his powers are thus definitely focused on healing and restoring, and preserving what is left of the Elves in the World, always trying to achieve the typical and utopian Elven Wish of protecting their creations from the Flow of Time and Decay, as it happens in Valinor.
That's why, even though it kind of is a lost cause, I always supported a concept that contains all these aspects (robes, normal armour and DG armour)
And, this is also the reason, analysing the nature of Elrond, Imladris and the Three Rings, why I always rooted for the 'abolishment' of his Tornado, and a more conceptual and lore accurate display of Vilya.