I reckon it's something like that (I suggested they had a bungee-cord link in my first post), and the power axis would tie in given that humans had traditionally aligned with Lorkhan and elves with Auriel. Gets a bit more complex post-Alessia though, what with Akatosh's appearance as chief of Cyrodiil's Nine Divines, and how the Marukhati Selective messed with him. Lorkhan's heart disappearing has probably made a fair metaphysical splash, and then there's Martin's ascension...
Certainly been hinted at before. We know the mechanics for it are there (Marukhati again).
Could do, though maybe it's more complex - there are more than two straight pantheons, for example there's the Redguard versions of the gods to consider. Though maybe that doesn't matter, it's worth noting that the Redguard pantheon does tally up in some places with some of the traditionally human gods (Alduin, Zenithar, Arkay, Kynareth) but none of them seem to tie up with explicitly 'elven' ones. The Bretons follow all kinds of divine detritus, a jumbled mix of the old elven and human god sets, but they're said to have elven blood anyway and so can be overlooked (same goes for the Bosmer for vice-versa reasons when it comes to the elven pantheons).
As an aside, Kynareth is kinda interesting. She features in all the human pantheons and the Khajiit one too, but not in any of the elven ones. Seems she's aided Lorkhan avatars on more than one occasion too. I wonder what's going on here?