Funny but not so accurate. We don't actually know when Legolas was born, we don't know that the mithril coat was actually forged in Erebor (it could certainly have been brought during the resettlement from the Grey Mountains), and we don't know what "some young elf-prince long ago" actually means and that none was born since the fouding of Erebor (I don't think we have an exhaustive list of noble elves from the text).