The other thing about Elevator that jumped out at me as I was thinking this through, was that an Elevator goes up, floor by floor! It became apparent that an Elevator Speech should be crafted, one floor at a time! Furthermore:

Each floor should convey specific information.
Start simple. As interest grows (in the Face-To-Face), and time permits (in Both), move to the “next floor” and give more specific information.
For the Group setting, we want to take everyone in the room to the top floor, and give them all the information we’ve crafted for our “ultimate” Elevator Speech.
Where there are time constraints, some floors can be skipped.
For the Individual, Face-To-Face setting, we start on the ground floor, and want to take them up, one floor at a time, only if interest is shown after we speak.