My idea takes place slightly before, during, and after the fall of the Dwemer. In Elder Scrolls lore, it was said that the Dwemer were evil, and hinted that they were too smart for their own good. That is the base for my idea. We would have the player witness the turn of the Snow Elves from a majestic race into the vile, enslaved Falmer. This would enrage the player so much that he joined together all of the races of elves (except Dwemer and Snow Elves) to finally destroy the race of Dwemer. This would be the main quest line. After the Dwemer were killed, the Falmer would be too far gone to come back and live normally, so they stayed in their dark, deep holes, slowly becoming blind.
A great idea that I actually didn't have until I started typing this is that you could have the player be a Snow Elf. This would explain why they were so mad at the Dwemer. This mechanic would satisfy me, of course, and also all of the people who wanted to be able to discover the abilities of the Snow Elves. In this way, we could witness them before their fall. A reason that this would be good to come now and not later is that in ES5, Skyrim, the Dwemer ruins were a major part of the game. I hope you who read this enjoy the idea and try to support it!