That'd be cool. How are you going to craft elven bows and the like though?
Very good question, one to which I don't have the answer.
My guess would be like anything else. It would have a list of components needed, and then you can craft it. Depending how mining plays out, maybe a certain type of metal, or maybe a certain type of tree from woodcutting. Chances are you would have to gather other components, maybe from elven ruins, maybe from a certain type of magical item.
In its simplest form it would probably just be get a certain type of wood/metal and cut/smith it a certain way. Maybe learning recipes will be a component to crafting, similar to Fallout