Hey TotalNewB ( that's an original name xD )
I think you've to create yourself the Helf body for your new race, the most simple way is with retexturing maybe ?
I mean, just keep the Belf model ( or change it if you have some skill in 3D Modeling )and do some edit on the skin only, like the colour of underwear, toenails and fingernails with a graphical editor like Photoshop,
You've to create new .m2 of your model, otherwise its going to change the real bloodelf. There is a lot of tuts here you can find if you search a bit
Hope i help !
Cya