WOW! For sure that unit looks like it either sat out in the rain on several occasions or it was splashed with salt water. I bet your inability to switch to all metal mode is due to oxide on that switch. If I remember right the mode switch on the GT will make no connection if it's in one of the three modes on the GT. In other words, the Disc Iron Mask On/Disc Iron Mask Off, and All Metal positions of the one switch...One position breaks any connections in that switch, where as the other two modes require connections of one of two other contacts on the switch.
When no connection is made in the All Metal position control is then turned over to the PP/All Metal Fixed/All Metal Track switch, and whatever position that switch is set for is the mode it will now go into when the Disc Iron Iron Mask On/Disc Iron Mask Off/All Metal switch is I think in it's "no connection position" (from memory). Not sure which configurations the Elite uses for it's switching modes so they are going to be different just based on the difference of the amount of options on the Elite's switches for all that stuff, but it sure sounds like you've got a switch problem due to corrosion on the contact internals of a switch. Refer to a thread link in the Sovereign accessories stick for a pictorial I did on modding the Gt for a remote PP switch to firm all that up, but as said it's going to be different than for the Elite.
Let me ask you this...In Disc mode with variable tone turned on, are you hearing different alert tones for various types of targets or do they all sound the same in pitch to you? If they all sound the same then one of two potential problems here...Either the fixed/tone ID switch is gummed up and you are stuck in fixed tone mode, or (and this is more likely from the sound of it)...Your disc/all metal switch is gummed up and stuck in all metal mode. I think you sound like you are saying that disc or notch doesn't work even in disc on say pull tabs for instance (disc will only go high enough to kill stuff right below a zinc penny, like tabs and such, and not high enough to kill zincs...that is normal).
If you can't disc out tabs and such in disc mode then FOR SURE that mode switch is gummed up and stock in all metal mode, because you also say you can't hear any difference in targets from disc to all metal modes...Or, like I said, if discrimination turned up does work in disc mode but not in all metal mode (it is not supposed to work in all metal mode, nor should the meter ID targets), but you don't hear different tones in disc mode, then it's your tone switch that is not working. Or, third possibility...If discrimination dial works but all metal mode works like disc mode (with tones say) then you are stuck in discrimination mode. Just to confuse you even more, not only could you be stuck in discrimination mode but the tone switch could also be stuck in fixed mode, so everything sounds the same in disc due to the tone switch stuck in fixed, and everything still sounds the same in all metal because the disc switch is also stuck in disc mode and won't switch to all Metal.
Those are all the possible scenarios for you. Up to you to figure out what is what, but for sure you've at least got one switch or possible two stuck in one mode. You need to throw switches and use the above yes/no situations to figure it all out.
You can spray contact cleaner down into the toggle throats. Some people use WD-40, and while that will clean the contacts and protect against further rust, some don't like it for cleaning electrical contacts as it leaves a residue that could collect dirt down the road. But I say risk it, because you want a rust killer and not just a contact cleaner in this situation. I've cleaned sliding POT controls on radios that had static/dead spots in them with WD-40 and they have worked brand new like for years (on the boom box I listen to in my garage doing car repairs).
If a connection isn't rusty I prefer electrical contact cleaner that leaves no residue found at home depot and such in the electricians isle.
One more thing...with that kind of rust on your switches i shutter to think what the circuit board looks like. You need to take that Elite apart and stop any further rust on components before it is too late. In a situation like that if the board looks rusty then you've got to risk it. I'd spray the board with WD-40 or some other cleaner that also has a rust inhibitor in it. You don't want to just use a contact cleaner because it won't stop the rust unless it has a rust inhibitor in it. There may be electronic contact cleaners out there that have a rust inhibitor in them, yet don't leave a residue like WD-40 is said to do. Not leaving a residue isn't as important on an electronic circuit board as it is a switch, because there are no moving contacts to gum up. If you take the Elite apart and don't see any rust or such on the circuit board then I wouldn't spray it at all, as then it looks like only the switches got wet and not the board.
Failing being able to fix a switch with a cleaner, you can replace the switch if you know how to solder. Simple find a switch with the same throws/polls and you are in business. Radio Shack might have the same switch. It doesn't need to be the same size. Some have a smaller base then the ones in my GT for instance, but do the same function and have the same sized screw hole to mount to the face.
Hope this helps. Let us know how you make out. Oh, one more thing. Make sure you check your coil connector and see if it's getting rusty/dirty too. If it is then treat it with the same stuff you spray the switches with.