I like card:Ranger's Path better than Arbor Elf but the deck looks solid.
Honestly, the deck has no protection from flying.
Arbor Elf is gonna become Slitherhead when Ravnica hits as I'm gonna change this to B/G. Elves were always interchangeable with Young Wolf depending upon the meta. And yes, the fliers have to be fought which usually isn't a problem. Other potential cards are Dreg Mangler and Corpsejack Menace .
Dreg and Corpsejack would nicely replace Dungrove and Thrun. Not the same, but they fit the slots as of right now.