Considering her picture in M14 tip/token card, here is some suggestion:
Elspeth, Goddess of War 1WW
Planeswalker - Elspeth
+1: Put a 1/1 white Soldier creature token onto the battlefield for each loyalty counter on Elspeth.
-2: You get an Emblem with "White creatures you control get +1/+1".
-5: This turn, at the beginning of the combat step, you may have target creature you control fight target creature you don't control. Repeat this any number of times.
Loyalty:2
(Hope the ultimate is not tangled, basically you could wipe all opposition before combat step.)
Compare her +1 with Elspeth Tirel's -2. They creatre the same amount of tokens (your version even has the potential to create more) but the fair version is the -2 ability of a 5 mana walker.
+1: Put a 1/1 white Soldier creature token onto the battlefield for each loyalty counter on Elspeth.
-3: You get an Emblem with "White and/or green creatures you control get +1/+1".
-5: This turn, at the beginning of the combat step, you may have target creature you control fight target creature you don't control. Repeat this any number of times.
+1: Put a 0/2 green and white Guardian creature token with defender onto the battlefield for each loyalty counter on Elspeth.
-2: You get an Emblem with "Creatures with defender get +1/+0".
-5: This turn, at the beginning of the combat step, you may have target creature you control fight target creature you don't control. Repeat this any number of times.
Elspeth, Goddess of War 1WW
Planeswalker - Elspeth
+1: Put a 1/1 white Soldier creature token onto the battlefield for each loyalty counter on Elspeth.
-2: You get an Emblem with "White creatures you control get +1/+1".
-5: This turn, at the beginning of the combat step, you may have target creature you control fight target creature you don't control. Repeat this any number of times.
Loyalty:2
(Hope the ultimate is not tangled, basically you could wipe all opposition before combat step.)
Elspeth, Goddess of War 1GWW
Planeswalker - Elspeth
+1: Put a 1/1 white Soldier creature token onto the battlefield for each loyalty counter on Elspeth.
-3: You get an Emblem with "White and/or green creatures you control get +1/+1".
-5: This turn, at the beginning of the combat step, you may have target creature you control fight target creature you don't control. Repeat this any number of times.
Loyalty: 2
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or defensive version:
Elspeth, Theros Protector 1GWW
Planeswalker - Elspeth
+1: Put a 0/2 green and white Guardian creature token with defender onto the battlefield for each loyalty counter on Elspeth.
-2: You get an Emblem with "Creatures with defender get +1/+0".
-5: This turn, at the beginning of the combat step, you may have target creature you control fight target creature you don't control. Repeat this any number of times.
Loyalty: 3
Low cost, low loyalty, only 1 token at a time, ultimate similar to multi-Reprisal.
Elspeth 1WW
Planeswalker - Elspeth
+1: Put a 1/1 white Soldier creature token onto the battlefield.
0: White creatures you control get +1/+1 until end of turn for each loyalty counter on Elspeth.
-4: Destroy all creatures with power 4 or greater.
Loyalty: 2