Here’s my input. I would like to see both kinds, but I have a few suggestions/wants. First off, maybe you should divide it into Tall Fey/Elves versus Short Fey/Elves? That way, typical fairies could be made with the latter using a variety of models/bases and layouts and high elves/noble elves could be made with the Tall pack as well as any other kind of tall elven folk. Again with a multitude of options for attire, background, etc.
I also was wanting to create my star elf character Gileth using the elven female generator but sadly, there was no option for purple sparkly dresses for her. Her dress is supposed to be an elegant purple shimmery gown that evokes the idea of stardust or starlight but I couldn’t find a dress that matched that look. 🙁 Of course, realistically it wouldn’t make sense if that were the ONLY thing she would wear but I was really wanting to pick something like that.
Other ideas for magic items: various staffs, wands, rods, orbs and totems too for many types of magic using characters. Heck I even have a character whose implement is a glass prism so that would be cool to see an option for that under Human Male. Of course, I am being nitpicky somewhat for my own characters but would still be interesting and neat to see.
One last thing. Since others have mentioned the possibilities for fey and elves are so numerous it may be helpful to separate the different types into more than one pack. But it sounds like you’re already planning that anyway?