I personally enjoy maxing out each armour/tool/weapon set to the max before proceeding to kill the boss. It's not necessary, I just like to minimize risks and feel like I've 'completed' that biome before moving on to the next.

So i fought the Elder with maxed out Bronze armour (chest and legs), maxed out Troll Cape and Hood and maxed out Finewood bow.

But I'm quite certain you'd be fine with the gear you have...although there is no way to take into account your combat skills (in-game character stats and real life person skills)