He probably would have made a decent king. He was probably trained in governing while he was growing up. He was also probably trained to lead a military force, since he was a Prince in his realm.
After the War of the Ring, Legolas took a band of Elves and founded a realm in Ithilien. He may not have taken the title of King, but he was doubtless a king in all but name.
Legolas would have made a great king! Thranduil would have trained hi, and he did have a settlement of Elves in Ithilien