Don't fight for fun. Fight only when you have a solid % to nail the kill, with a decently low % to die (depends on what pk ratio you prefer).
Many people PK in CF non-optimally, by engaging in fights that they don't think they will die in, even if they're sure they won't win. I'm personally guilty of this, especially when one is desperate for action. But it's not the optimal way to win the PK game.
You could just avoid Elithranduil and wait until you have an ally to gang with. An example of a good winning strategy:
1. Two laggers (let's say assassin with throw and warrior with lash). Assassin spams murder, warrior spams lash.
2. Get the first lash off before champion's stand. If assassin murder comes in first then the lash lands, that is ideal. Lash first is also OK.
3. Stagger the lag so that he never has a chance to marshal rally or fend.
He may not die, but I don't think his kill probability is higher than your kill probability if you roll in a two-man lagging gang. If he complains, tell him he's a Paladin :-) it wouldn't be Paladin-like to complain about odds anyway.
Alternatively, a wrist-break kotegaeshi into two-man permalag also will take him down.. fast. But any good Champion should be taking Strong Wrists.
A neutral bearcharging cloud ranger with snare is also super-lethal. Often sanc will fall while snared and your first ambush will take off ~400 to 500 hp, leaving 300 to 400 left to the tender mercies of your iron axes and bearcharges (you only need a couple of bearcharges to get past Temperance evade-like buff).