For starters, just on elves in general, D&D has two elvish races in elves and eladrin, and it strikes me that both fit the stereotype of Elves in Earthdawn, so my feeling there is to include both, and probably as is. While the eladrin fey-step power isn't something that has a clear place in the mechanics of Earthdawn, it is well in keeping with the lore and mythology of the nature of Eathdawn's Elves.
Non mechanical, or mechanics light options seem to range from doing nothing, to making a one or more Blood Elf backgrounds and leaving it at that.
At the other end of the spectrum is making a Blood Elves into separate race from Elves. Eladrin could possibly be twisted to do the trick, and someone on an RPG.net forum suggested using Tieflings who have some thematic commonalities with Blood Elves. My big problem with using Tieflings is that Infernal Wrath doesn't seem to fit. Re-skinning it to be something akin to Duergar Beard Quills doesn't really help - I just can't see the Blood Elf thorns being launched at the enemy. Eladrin don't run a-fowl and any real mechanical problems for me, but I'm none too thrilled with the idea of adding a third elven race option - I really prefer something that represents a smaller divergence between normal Elves and their thorny kin.
A theme (a la Dark Sun) could also be an interesting avenue to explore - my only real fear with themes is that it's easy to be concerned that they tip game balance. A character with a theme has a mechanical advantage - even if that advantage is just an "at will power level" encounter power that grants them a one off combat option their unthemeed lacks. The implication of which is that a good set of other themes would need to be rolled out as well, and I'm not sure that I'm willing to go there.
Middle of the road options along the lines of the Wood, Wild, Sun and Moon Elf feats could be good, though a feat is a high cost to pay.
Earthdawn's lack of mechanical differentiation implies that going to heavy on the difference it's right so perhaps simple options like the feats and background are the way to go.
Background:
Blood Elf
Pre-requisite: Elf, eladrin
You gain the Blood Elf Bloodline
Born in the Wyrmwood, others wonder at the thorns impaling you, and the effect they must have on you and your way of thinking. Does constant pain drive you towards madness or does it force you to rise above such petty concerns?
Associated Skills: Endurance, perception
Feats:
Blood Elf Resiliance [Blood Elf Bloodline]
Pre-requisite: Eladrin
Benefit: If you use your fey step power when you are bloodied and no allies are within 5 squares of you, you can spend a healing surge as a free action.
Blood Elf Endurance [Blood Elf Bloodline]
Pre-requisite: Elf or eladrin
Benefit: You gain the Endure Pain utility power.
Fortitude from Thorns [Blood Elf Bloodline]
Pre-requisite: Blood elf bloodline
Benefit: You gain a +2 untyped bonus to fortitude, and at the start of your turn can make a saving throw against one effect caused by an attack on your fortitude.
Willpower from Thorns [Blood Elf Bloodline]
Pre-requisite: Blood elf bloodline
Benefit: You gain a +2 untyped bonus to willpower, and at the start of your turn can make a saving throw against one effect caused by an attack on your willpower.
Tell me what you think in the comments.