Archmage - 10/10
The archmage is first up in this tactica, as they are infinitely more important to a high elf army than a prince. At a relatively low cost, you get a level 4 with some added perks. Any high elf army at 1750-2000 and above needs an archmage - at lower points cost a level 2 will suffice for anti-magic. Lores where you need more spells and a nice casting bonus to be effective - like heavens, life, shadow and death, should be taken on this guy. Some people prefer to replace him with a few level 2s, and while this is still good, I prefer the archmage with a mage backup. He is cheaper, get a better casting/dispelling bonus, can take some wicked magic items, and can take more big spells without worrying about the miscast table as much.
I said this in the magic section, but I will reiterate - in my opinion, it is best to take shadows or life on your archmage, but high, heavens, and death are all pretty good choices. Any lore is decent on a high elf mage, but some are better then others. As a last point, except where points are tight, always upgrade him to a level 4. Even when they are tight, cut something else. Here are some sample builds.
Archmage, Level 4, Book of Hoeth - 360
This mage is like a mini Teclis. He can get irresistable force on any roll of doubles on his casting die. Having said that - I caution you - do not get overconfident with your casting. You are not Teclis, and a mistcast will come (if you constantly palm 5-6 die to get IF, it will come quickly). When the miscast comes, you will suffer. This is the reason I bunker my archmage in phoenix guard - their ward save will stave off some of the miscast's damage affects.
Archmage, Level 4, Talisman of Saphery, Folariath's Robe, Jewel of the Dusk - 355
This is your average invincible archmage. Wait, what? Most high elf veterans know of, and probably sometimes run, an archmage similar to the one listed here. The talisman makes all magic weapons of the enemy count as mundane when in base to base with the mage. The robe make him immune to all mundane attacks. The jewel gives him an extra power die to help him get off his spells. This mge doesn't need a bunker, but he can get beaten by combat res, so it is optional to put him in one.
Archmage, Level 4, Book of Ashur, Guardian Phoenix - 355
While this mage is not as powerhouse as the first build or as durable as the second, he is still really strong. With the book,he has +5 to cast and +6 to dispel, which is amazing. The phoenix gives him a 5+ ward to take a few extra hits. This mage is not as hitty as the first one, but is more durable, as he has the ward save and you will be less tempted to go bananas and throw around fistfuls of die. He is also 'castier' than the second one, who is focused really only on screwing with your opponent.
Prince - 7/10
The prince is a decently costed big hitter in close combat. He has a few things going against him though. The noble can do most things he does for cheaper, and the noble can also be take in smaller games with a mage and archmage - decently kitted out archmages and princes have to wait until 3000. Also, the reason you take a prince over a noble is usually one on three reasons - first, for more power, but the power difference is negligible, so... The second is for expensive item combinations, but they are by defenition expensive, so... And the third reason is dragons. Everybody loves 'em. While not the most competitive choice, dragons are still popular because well, they are dragons. I will no list a few popular prince builds.
Prince, Star Dragon, Great Weapon, Armour of Caledor, Vambraces of Defense - 612
This guy fills up your lords spot nicely at 2500 points. However, he restricts access to an archmage until insane points levels, so his competitiveness is debatable. He is cannon fodder. Having said that, 2 or 3 mages can pick up the magical slack and let this guy fly around beating people's heads in. He hits with 4 strength 6 re-rolling misses attacks, followed by 7 weapon skill 7 strength 7 attacks from the uber-dragon, followed by a breath weapon. The dragon has tough 6 and a 3+ armour to protect it, while the rider has a re-rollable 2+ armour and a 4+ ward. This means he is really hitty and survivable, unit black powder weapons come your way. Still a great unit all-around though.
Prince, Barded Steed, Dragon Armour, Star Lance, Helm of Fortune, Guardian Phoenix, Shield - 276
This is one calvary prince build. He was meant to ride into a flank with dragon princes and smash some face in. He is nowhere near as hitty as the dragon prince above, but is less than half the price and still adds serious power to an already powerful unit. This is a good guy, made better by the fact that you can take a cheap archmage as well at 2500 point.
Prince, White Sword, Talisman of Loec, Armour of Caledor, Guardian Phoenix - 250
This guy is a challenge monster. He is packing a great 2+ armour 5+ ward save on foot and is strength 6 with killing blow. He will dominate against another character, probably not giving him a chance to hit. You can use the talisman of loec against a chaos lord or ogre tyrant that is twice your cost, killing himw while losing a wound. Having said that, most people will be wary of him and won't let your draw near. You can drop the phoenix and talisman, grab some sacred incense, and join your swordmasters to kill more and give them some protection against shooting.
A nice, decently long tactica for two lord characters. I hope this helped any would-be high elf general. Heroes and core will follow shortly.