[SpiritWarrior]

A new tree could certainly be created. There were others before it.

I'd wager surface elves would feel the destruction of the tree as a great shock to their spirit, and some weaker elves may even die, but I don't think it would kill every elf outright. Rather, i'd say it would simply weaken them, probably causing a loss of certain racial abilities and overall stamina. It would be a crippling blow, put it that way. There'd be a horrible gaping hole in the world that must be sealed, as far as the elves of Toril are concerned.

The drow however, wouldn't be affected at all. As far as FR lore goes, they hate the trees and attribute that "sacredness" to the faerie elves only. They are mutations of elves and bear little connection to anything that isn't drow. They are self-sustaining within their own "world". Their items and magic dissipate on the surface, for example, because they don't have an innate connection to the weave in the way surface elves do. If they were so connected this wouldn't be the case.

I'd go as far as saying they would cheerily destroy it if given the chance. I can imagine the Spider Queen plotting this one out as a mighty blow the the surface elves. Such an act though would be horribly difficult as it is well protected by the elven gods. I think the game entertained the notion of this only because they meant it to fail. In reality, (if we can call it that) we're talking mighty battles, filled with elven avatars of both good and evil. If it was somehow achieved by a mortal though, i'd see it as enough to justify sponsorship on the path to godhood.