Okay so the Theory is kind of a Work in Progress, but this Theory might Benefit Elma (though at the cost of other characters)
For Super Smash Bros. Ultimate on the Nintendo Switch, a GameFAQs message board topic titled "Theory: Vergeben's Deconfirmation list might have had info on FP2...".
gamefaqs.gamespot.com
This links to a Theory (I Made) that says that Vergeben's CP5 Deconfirmation list, might have actually had info on FP2, by also detailing what characters probably won't be in it
The reasoning for this is that the FP2 characters we gotten, Min Min, Steve, and Sephiroth, were not on this deconfirmation list, among these many characters. In Sephiroth's case, it's also important that Geno and Sora were also listed as potential options. If this is the case, it's possible that how Verge's source deconfirmed characters was that they had to have known who was not gonna be playable, and have evidence of it. FP2 was being decided around this time, so names would be floating out
How this could benefit Elma is that the Last Name Vergeben deconfirm before Byleth was revealed was KOS-MOS. Now she's probably the Biggest question mark because Verge Deconfirmed a Bandai Namco character very early on, yet his source was confused on whether KOS-MOS was in or not, which is weird because she is owned by Namco
I think the reason why there may have been some confusion, was because there may have been something in the inside that pointed toward a Monolith soft character being Playable. KOS-MOS is heavily afflicted with Monolith obviously, so perhaps that may have been where the discussions left of. It's also possible that it just pointed towards Nintendo character in General, and Nintendo owns Monolith.
So It would seem that the source was confused on whether she was owned by Monolith and/or Nintendo, or Namco, or it was some joint ownership. If the source just thought KOS-MOS was owned by Namco, it wouldn't matter, but because of the confusion , it might put more spotlight on Nintendo/Monolith
I also think it's weird that if Byleth was known to be Fighter 5, that the Source wouldn't have to be confused, and they could easily deconfirm any character that wasn't in Nintendo
So if the theory that this CP5 Deconfimation list was also deconfirming characters for FP2, just because of the method the Source had to use to Deconfirm characters, and KOS-MOS was a Confusing character to Judge for awhile despite Bandai Namco alreayd being deconfirmed early on, than that raises some interesting Implications
-If KOS-MOS was a confusion because she was thought to be related to Nintendo, than it's hard to tell since we Got Byleth and Min Min who are both Nintendo characters
-If KOS-MOS was a confusion because she was thought to be related to Monolith, that's a Very different Situation because we haven't gotten a New Monolith character in Smash at all. This would especially look good for Elma, since if KOS-MOS was deconfirmed, than that really leaves Rex. In any case, Good for Elma