I'm happy to see that amount of opinions. Thanks, keep posting!

I think the current penalty is heavy. If you choose discard you make
Elven Sword and initiative loops unviable and thus cripple some Elven power. It also weakens your Shadow, your FP events and FP support cards. The alternative is adding 2 burdens, which can be peeled by FP cards but then you'll need to focus solely on that option, otherwise you won't have cards in hand to do both burden removal (which maintains a high resistance) and at times discard 4 to 7 cards from hand.
Double moving will be always perilous and uncomfortable. So the idea is to show Elrond worried and unfocused with his task.
The risk is always big. If you add burdens, corruption Shadows will feast on you. If you discard you make your reaction abilities very weak, and weaken your Shadow side
which forces you to double move often. So discard Shadows will unwittingly corrupt him; corruption Shadows can deck him out.
Verily I Come blocks one side,
Black Breath blocks the other.
Desperate Defense of the Ring hits him on both.
About
Galadriel LR, there is a lot of ways to get rid of her.
Terrible As the Dawn,
Over the Isen,
Saruman SotE (my favourite),
Gorgoroth Assassin... This Elrond does nothing to save her if such counters hit the board.
Perhaps the best use of
GLR is starting her +
Cirdan.
Cirdan will get a good support from Elrond: the discard toll can feed him, while the Regroup skill can heal his exertions (if you have enough artifacts).
@Ket the Jet: Your idea of a limit is interesting. Although
![Elven [Elven]](https://lotrtcgdb.com/forums/Smileys/classic/elven.png)
artifacts are expensive and will empty your hand, which forces you too add burdens or reduce his resistance. That's the reason I removed the burden erasing part of the regroup skill. And the specificity of the
![Elven [Elven]](https://lotrtcgdb.com/forums/Smileys/classic/elven.png)
artifacts makes it less viable than it seems; mostly for fellowships with good drawing and strong Elven presence (pure Elves,
Shoulder to Shoulder,
The Grey Pilgrim). Anyway,
adding "(limit 2)" won't hurt anyone. 
This Elrond isn't meant to portray his participation in the Siege of Barad-Dur with the Last Alliance, but instead a
what if (like each ARB) regarding
the Council of Elrond, if the Ring was going to be carried by an Elf. Elrond was the best option there (Wise, strong,
fearless and he knew Mordor's topography in presence). In the late 3rd Age he wasn't only fond to Elves and Numenoreans, but also to Istari, Dwarves and mostly to Hobbits. So shouldn't be
![Gondor [Gondor]](https://lotrtcgdb.com/forums/Smileys/classic/gondor.png)
enforced.
Although in another context your idea would be neat. You should make your own Elrond ARB depicting his role in the Last Alliance. I'd change your wording a bit: "If you cannot spot 2
![Gondor [Gondor]](https://lotrtcgdb.com/forums/Smileys/classic/gondor.png)
men" allows to spot 2 exhausted Gondorians (even
Gondorian Merchant) if all
![Gondor [Gondor]](https://lotrtcgdb.com/forums/Smileys/classic/gondor.png)
Men are exhausted, so you don't pay any cost. I'd change it to simply "If you cannot,". That way you can get a really cool card.
@Not a Zombie: I think the main reason to play this ARB over Galadriel is, well, he can be a real beast and doesn't have a skirmish penalty to worry: base str 8 vit 4,
SaWtC str+2,
Elven Sword str+1 (or
Hadafang str+2),
Asfaloth str+2,
Naith Longbow str+1,
O Elbereth Gilthoniel str+1,
tToGG vit +1,
Vilya vit +1... Strength 15/16, Vitality 6. So the Shadow player must forget about overwhelming him at first sites, and can stand a while against grind and archery if you use
Hosts of the Last Alliance,
Galadriel LotGW and even
Elven Cloak.
He can also use the machine gun pack (
Elven Bow,
tSotB,
ATAR,
tToGG,
Vilya,
Aiglos) as Galadriel. But with +1 vitality.
His almost-solo potential is good therefore. But he'll need some companions to counter the moving penalty.
Gandalf tGP, Dwarves,
Alliance Reforged... to draw, or
Jarnsmid BE,
Sam SoH, bouncing Hobbits,
Home and Hearth... to control burdens.
@Dictionary: You got a good question. I guess it's for both Movie and Expanded, though I know little of the latter.
Yes, as you point out, he'll be a beast at the first sites, even by himself. And you can discard your extra copies of Shadow cards, yes. And feed
Cirdan. But the risk is always big: discard Shadows corrupt you, corruption Shadows deck you out. You need to carry counters to both perils. And you also must use them wisely, will require a lot of uncomfortable decisions. Shadows that play from discard, of that stop double moves, will pair well with this ARB.
Woodhall Elf,
Careful Study and
Lembas /
Lembas Bread will help him. Which adds to the flavour I think.
Again, thanks for your comments.