Leveling a Blood Elf in Eversong Woods and The Ghostlands can be fun and fast or frustrating and slow. If you equip yourself with the knowledge of which quests to do and when to do them, you'll find that the process is quick and easy. You can literally start leveling all the classes you want to level 20 in only 10 hours (maybe 11 hours your first time through).
To hit level 20 in this time you'll have to 'power level'. Power leveling is not your typical game play. Instead of reading quests, chatting it up in groups and exploring cities you use foresight, consistency and careful execution of every action to reach levels quick. However, you can still use the below guide in casual play, it just might take you 12-14 hours instead of 10-11. Keep in mind it takes most people 24-40 hours to level their first character to 20.
Levels 1-5
You should be able to reach level 5 in about 30 minutes with your Blood Elf (26 is my personal best). Don't take other people's advice and 'just do the quests'. Know what quests you're going to do, how you're going to do them, and where you're losing most of your time. The Blood Elf area can be an overwhelming place to level quickly if you aren't prepared. Fortunately, the first set of quests can be done in a nice circle around Sunstrider Island.
Below I present you an exclusive preview of Skewter's Blood Elf leveling guide. It focuses on leveling a Blood Elf Paladin from 1-20 in < 10 hours. It is currently the definitive source for power leveling in this area.
Here are the steps you'll want to take, in exact order with friendly quest maps.

@1 Accept, @6 complete and @1 turn in [Reclaiming Sunstrider Isle]
@1 Accept and complete [Paladin Training]
@1 Accept [Unfortunate Measures]
@1 Accept and complete [Well Watcher @1 Solanian]
@1 Accept [The Shrine of Dath'Remar]
@1 Accept [Solanian's Belongings]
@1 Jump down to accept [A Fistful of Slivers]
@1 Run west and accept [Thirst Unending]
* Complete [A Fistful of Slivers] & [Thirst Unending]
@2 Complete [Unfortunate Measures]
@3 Complete [Shrine of Dath'Remar]
@4 Pickup Scroll of Scourge Magic
@5 Pickup Solanian's Scrying Orb
@6 Pickup Solanian's Journal
@1 Turn in all 5 quests and head to the Paladin trainer for new skills.

@1 Turn in [Report to Lantahn Perilons] - accept and @2 complete [Aggression]
@1 Accept, @3 complete [Felendren the Banished] and @1 turn it in
@1 Accept [Aiding the Outrunners]
You should have found a Tainted Arcane Sliver, accept [Tainted Arcane Sliver] and turn it in @4
@4 Turn in [Tainted Arcane Sliver]
@5 Turn in [Aiding the Outrunners