Since I've never handled those two SOG's side by side, I can't say which I'd recommend more... Though here is some food for thought; The Seal Pup has AUS-6 steel with a powder coating which will give you some better curosive resistance. The Elite has a more durable and IMO a more atractive finish, and AUS-8 steel, so it will hold an edge a bit longer.
I like the classic shape of the Seal Pup, but the specs on the Elite are even nicer. I'd say, try to handle both and deside after that. If you can't handle first, get which one you like the pics of more. Or if in more salt water IE dive knife uses go with the Pup, for camp knife go with the Elite. Or just buy both.
Heber