I think Michael has very nicely summed up the two (to my mind, somewhat incompatible) ways that ASL uses "Elite" status. Looking at the 1950-53 PLA/CPV, I don't believe the "troops of an elite formation" model of "Elite" MMC fits at all, neither Western-style "elite" (i.e., Commandos, Rangers, Paras, Marines or whatever) nor Soviet-style "elite" (Guards), at least I've seen no evidence of PLA/CPV formations being given the kind of preferential treatment in manpower and equipment that that model implies. As for the "performed exceptionally well" type of "Elite" MMC, the bulk of such recognition in the PLA/CPV that I've seen have been titles awarded for "no surrender, no retreat" defensive actions, frequently at the company level (e.g., the 8th Coy, 563rd Regt, 188th Div, 63rd Corps, awarded the title "Kaesong Defence 8th Steel Company" for its role in defending Kaesong, action more akin to the 12th SS at Buron, perhaps?); Andy's suggestion of an SSR awarding the CPVA "1" MMC ML 8 in such actions might work, but Fanatic status, with its other benefits (as well as ML 8) seems a not unreasonable solution - and given the way the troops of the 188th Division went at those Centurions during the 8th Hussars' withdrawal from the Imjin, maybe the CPVA MMC in that scenario should all have been tagged as Fanatic!
Rick