The sounds might be a bit different to you at first, because of the stock headphones on the Excals versus a good pair you can pick to use on your Elite. I know the yellow headphone Excal's stock headphones I don't care one lick for. Makes targets sound flat and like hearing sounds from inside a garbage can to some extent.
If you are looking for some great headphones for it many Sovereign users love the Sun Ray Pro Golds, which also have volume control and a limiter circuit to tame down loud surface blasts. I'm going to get a pair of those sooner or later here. If you want to go cheap but with great audio, look in the Sovereign accessories sticky near I think the bottom of the first page. Those Sony Studio Phones Crazyman turned me onto a while back and man they have fantastic audio on the Sovereign.
Only problem is no volume control so I have to keep the volume turned all the way down on my GT. I was concerned this might cost me depth but my tests show no change in depth for me with these headphones with volume at fullest or lowest, and with it lowest I can still hear the fringe depth stuff just fine with my hearing. If I crank it to full volume surface blasts are just too loud for comfort. PP mode does show more depth with full volume though.
These headphones are small and very light, and at $20 dirt cheap. They used to sell them at Walmart but I don't know if they still do. I especially love them on hot days. And I like that they let in enough noise to let me know what is going on around me yet not so much that it's a distraction even in the water with wave action.
Far as settings for not being fooled by iron as much, I think the Elite lacks the Iron Mask ON/OFF switch of the GT. With it turned OFF the GT will ignore iron more by not trying as hard to sound off to any non-ferrous aspects of the signal mixed with ferrous (nails) ones. Far as I've always heard the prior Sovereigns or Excaliburs without the ability to turn Iron Mask On or OFF have it defaulted to ON, which is good, because with it on it'll do it's best to find coins or rings in iron, and yet the machine is still outstanding at ignoring iron. I never turn it OFF on my GT for that reason, and don't find it any more noisy than any other machine I've owned. Smoother in fact and quieter, due to the fact that I never discriminated iron out on my prior machines. Took me a while to get used to the Sovereign's nulling out of iron but I don't fear missing stuff mixed in iron thanks to the fantastic seeming ability of these BBS units to find any non-ferrous traits in a mixed "as one" signal.
The confusing thing is that you would think Iron Mask ON means it's masking iron better and ignoring it more. The reverse is true. With it OFF it ignores iron a bit more.
Good luck with your machine. Only advice I can give is turn it to Auto until you learn how it's supposed to behave and then switch to manual and adjust as high as possible with it still behaving. Also, takes a while to love and not hate the BBS units. They are very different than any other animal I ever owned, and that includes my FBS units.