So I made the switch to axelord and I have gotten comfortable with it, I am considering putting runes on it something in the future for the boost, and for the non-decaying.

It is a two-handed weapon.
Damage: 110 Precision: 314 Speed: 280
A gold sunburst inlaid klangaxe has no poisons or magical effects on it.

I was told that I could either smelt down the precision and put elementals on it and go for damage, or smelt the damage and put elementals or stat runes on it and go for wounding. I am leaning towards wounding since that seems like a more reliable way to kill. But what runes to use, elementals or stats?

That's pretty low damage to go for elementals...

Well eventually I plan to fully rune a weapon at some point in the furture just don't have the credits now, after stat runes and forging runes that would bring the damage to 160 I believe, I would think that would be pretty good for a max speed weapon

With a bit of forging, you can get the damage up to 150 together with speed at 280. You'd have to take penalties in prec, but if you want to go for damage, that could be the way to go.