Yes, any sort of elf would work great as a combination of bow and magic. I am currently using a +5 built dark elf blade / mage.
This character is great for role play hybrid builds. Blade, bow and magic all fit wonderfully well with his Dunmer background.
I see that you have darkelf as your forum name, so the transition should be smooth.
Bosmers are the best archers and when they combine illusion magic to their play style they are very dangerous.
Acadian's elf-maiden is one of the best archers in the land.
If you prefer High Elf, then by all means give it a go. It is bound to work.