With the changes you have already made, I think a moralechange isn't needed, or rather it might prove disaterous to the elephants.
You have made the eles weaker against archery and other ranged weapons as well as weaking numbers and hitpoints. So to keep the eles effective one has to send them in to trample. No more fighting, just keep going until you reach the other side as the elephants will likely not be able to last long inside a big bunch of infantry. But that means the elephants will suffer from massive moralepenalties as they are flanked on both sides, possibly even surrounded by enemies at times (and here we are talking about units). That makes the lowered morale dangerous as you risk the eles routing every single time you charge them, not to say what will happen if one of them gets stuck and killed.
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