Prince, I'm not entirely sure what you mean by the terms "traditionalist" and "elitist" in this context, but ignorance has never stopped me from voicing an opinion before, and now that I have my third-year practice certificate I'm far less likely to let a little thing like that stop me. Here's my best take on the question. I think that it is very easy for traditionalists to become elitists, but it isn't always the case. It is possible to prefer traditional martial arts and even to believe that the traditional way of doing things is superior without believing that only the "chosen few" of traditional martial arts have anything to offer.
To give an example, Shimizu Sensei of the Shindo Muso Ryu seems to have been a traditionalist. Oh, he might have made some modifications to jodo in keeping with the times, but from what I've read he seems to have stuck to the old ways wherever possible, and his values and beliefs certainly appeared to be extremely traditional. But then he went and said things like, "Everyone on earth should practice jodo," and worked to make the art available to the masses rather than to just a handful of elite retainers of one clan. To me this is clearly an example of a traditionalist who is in no way an elitist.
Now, some traditionalists in budo think that true budo can only be handed down to the few-- that it just isn't for mass consumption. Does this make them elitists? Maybe. It depends on how you are defining that term. To say that only people willing to make a huge time commitment and even to modify aspects of their lifestyle for the sake of budo can get the full essence of a tradition is not necessarily to say that they are superior to the rest of the population. It is possible to view budoka as specialists in a particular field without viewing them as a chosen elite, I think.
Just my opinion, and the usual disclaimer applies.
David Sims
"Cuius testiculos habes, habeas cardia et cerebellum." - Terry Pratchet
My opinion is, in all likelihood, worth exactly what you are paying for it.