I suppose I should give my thoughts on this.
Link is much slower than Legolas. It takes nearly all day for him to cross Hyrule Field without a horse. Legolas was able to keep pace after a pack of orcs for several days. Knowing this Link climbs a tree that happened to grow in such a way that he could hop right on up the thing without a hookshot and has a nice flat area where he can stay and wait.
Legolas has excellent sight. Link has Navi. Since Legolas is a good guy Navi will read him as blue and be able to go farther distances to see him than if he were a bad guy (yellow). Legolas comes jogging into the area. Navi sneaks up behind him showing Link where to aim. Link steadies his bow then…
“HEY!” Navi does her little “I found something” yell. Legolas whirls around and sees the fairy. Being from a forest and having lived so long, Legolas knows that she is a Kokiri fairy and Link must be close, but he doesn’t see him in time to avoid the arrow.
(I should mention that I’m going to use the Zelda battle system here. If we used the movie’s system, Legolas would be dead right now. Instead he now has two hearts remaining from the three he started with*.)
Legolas quickly gets off three shots. The first two are off. The third hits its mark knocking Link out of the tree leaving him with one and a half hearts left (he didn’t do the safety roll from a height).
Swords are drawn. Link gets a quick jab in and goes for a jump slash. Legolas dodges and puts an arrow in Link’s back. What follows is a Matrix like exchange of arrows in which the two lunge at each other, arrows whizzing past each’s head. Gandalf then teleports in and tells them that they have been duped and that I, Wolfian the Evil Prince, am marching down Pennsylvania Avenue with an army of wraithes and dodongoes and zombies and all sorts of creatures and I plan to replace the president. After two pages of dialogue in which they debate why that is such a bad thing Link plays the Trio of the Swamp on his Ocarina, they are teleport to Washington, and stop me. Oh, and Legolas hooks up with Samus. Lousy do-gooders.
So Legolas wins by half a heart. Of course Link would kick his little elfish but if he had all his equipment from OoT. Heck, I could. That’s why I evened the playing field by giving them very similar equipment and a neutral ground. I love Link, but speed kills.
*I know adult Link would have more than three hearts, but I wanted to make my post less than a page.