If you buy the sportsman, you can buy the firmware from kestrel to "upgrade it" to the elite. It's what I did with mine, since I was going to replace my 4500 with a 5700 anyway. It cost like $150 or something if I remember right. Don't quote me on that. I have certain deals with kestrel, so I don't remember if that was actual price or what i paid.
But kestrel sent me a email with the software and I had to buy a dongle and I transferred the software over for the elite.
Lastly, I'd you use hornady ammo more than not 4dof would be good too. If not, the elite is definitely the right way to go as it's the only way to get custom drags on there.