Elf The Musical, the cheery – very, very cheery – revival opening tonight for a limited holiday run on Broadway, is an entirely suitable gift from a hard-working cast for fans of the well-liked 2003 Will Ferrell Christmas perennial. If you crack up at memories of Mr. Narwhal, Elf has your tinseled name on it.

For the everyone else – adults anyway – the updated Elf remains as much a mixed bag as it was during its previous two Broadway stagings in 2010 and 2012, with one major improvement: Grey Henson, the immensely likable, pitched-to-the-rafters firecracker from Mean Girls and Shucked, steps as easily into Buddy’s green winklepickers as Cinderella ever did a glass slilpper.

Henson and the rest of the cast go big and loud in the style of children’s theater,...