The Wizards board is usually not a good place to get deck ideas for Vintage. As a format, I think Vintage is sort of the "black eye" on the face of WOTC. What I mean is that Wizards doesn't support the Vintage format like they support Standard and other formats.
The best information, decks, and strategy comes from
www.themanadrain.com and
www.starcitygames.com. Occassionally, I will find good lists on
www.essentialmagic.com, but a lot of decks are insanely overrated or outdated.
While playing elves may not be the most optimal deck that you could play, it's not the worst choice that I've seen. I would follow the suggestions of others if you plan on sticking with elves (Chalice of the Void, Root Maze, etc.)
I would also suggest Null Rod, because it won't interfere with Tangle Wire and Smokestack and can screw your opponent big time (especially since you aren't running any Moxes).
Those are your best options to add to the existing deck and they will provide the most useful tools.
Other low-budget decks (unpowered) could include:
Food Chain Goblins
Vial Goblins
Oath
Fish
Manaless Ichorid
The Goblin decks are by no means "Tier 1" decks, but can be adapted to dominate certain matchups. You can play them in a 10-proxy tournament, as long as you own Duals & Fetches.
Oath and Fish require 4 Force of Wills, which are probably the biggest expense in a proxy environment. You'll need some Duals and Fetches here too. You can get by without Mana Drains for budget purposes...
Ichorid has already been outlined.
If you aren't planning on playing in any tournaments, but want some fun casual deck ideas, search for these:
Dirty Kitty
Kobold-Clamp
Fluctuator (Living Death or Consume Spirt kill) I built this entire deck under $30!
Easter Tendrills
I assume for now you'll be playing unpowered, and these decks are fairly cheap without the power (if they even require power). They are all really fun decks to play, but not tournament-quality.
If you would like to play competitively in tournaments in the future, concentrate on buying "Vintage Staples." I would start with getting
all Dual Lands,
all Fetch Lands, Force of Will x 4, Wasteland x 4, Strip Mine, Brainstorm x 4, Dark Ritual x 4, etc.
I started playing in 2001, and bought most of my Duals one-by-one. I now possess just about every Vintage staple and 2 Moxes. It takes time, but it helps knowing what cards necessary and what cards are semi-useful.