My first thought is "Cool!"
My second thought is "I wonder who else may be out there in cyberspace with a head-start on this?"
Googled "elven tongue" and got 157,000 results.
I'd say, begin compiling names and email addresses, see who is already involved, who's communicating/collaborating with who, and engage the work from there. Perhaps the first task being to pull everyone together into a common org for the sake of focus and synergy. Next, amass from the various members, a library of sources from everything that has been used, then collaboratively rank these source materials in order of authority. Assemble from these sources as near-complete a lexicon as possible.
This scope of work should be sufficient to engage everyone involved for at least the next two years; perhaps three.
this could easily take decades.
that's fine by me.
the trick is to figure out how HE worked out the words, reverse engineer the derivations, figure out the principles behind the derivation and development, and then very carefully build the vocabulary