It depends where you are - your suggestion would be OK anywhere, but you don't really need to go that far in places like Marrakesh or Essaouira (which is beautiful - try it). I was there with a female friend a short while ago and in country areas she wore a long thin skirt. Don't worry about the elbows, but a thin headscarf might be helpful just occasionally - just helps blend in a bit. But it is not necessary. We did not see the sort of harrassment which is common in Turkey - well, only from people trying to sell you things or drag you in to their shops. She also found unwanted lipstick very useful when negotiating prices with female sellers - henna tattooists for example.
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