Yes, it's Legolas. Because I AM a huge nerd, and re-watched the entire Lord of the Rings movie trilogy, extended editions, and ALL the special features last month.
The basic pony figure was (I think) a January Joy once upon a time. All additions are sculpted from Apoxie Clay, except for the bow string, and painted with acrylics.
He will be for sale at my booth at the 2008 MLP Fair in Providence, RI!