What is 'mixed' about your research? The rifle is the same as a M4-22 PRO except for the parts that got changed.
Take a look:

Tippmann Arms M4-22 PRO
The Tippmann Arms M4-22 is a premium .22LR tactical rimfire rifle with an all aluminum receiver and all the features of a true M4.

Now this:

M4-22 REDLINE with Hawke Reflex Sight
The Tippmann Arms M4-22 is a premium .22LR tactical rimfire rifle with an all aluminum receiver and all the features of a true M4.

Major change is the fluted barrel, primarily for weight reduction:

16" Fluted M4-22 Barrel with Thread Protector
The all-new M4-22 Fluted Barrel not only looks great it's dramatically lighter than the stock M4-22 barrel.

The Elite uses the regular barrel and a longer handguard.
Your comparison between the Elite and the Redline is harder to make as the more-direct comparison is rather between the Pro and the Redline.
What are you planning to use the rifle for? That's the important part.