It's Probably a Gonner
My take is that your elbow is caput .. successful repair is unlikely. Maybe the epoxy will work to get you into the next port... but not much more.
Last year, I noticed a slight crack in the elbow for my Yanmar 2QM20. Fortunately I quickly found an exact replacement that was reasonably priced since it had been in the vendor's inventory for quite a few years and it was still on his books at his original price.
But see the attached pictures below of what my cracked elbow looks like today. After taking it off, I considered maybe an epoxy job or find somebody to weld. First, I drilled holes at the end of each crack to relieve the pressure, and then I reamed the crack out so the epoxy (or professional weld) would fill in. Then I just put it on a shelf in my garage. What has happened in the year that the elbow has been off my boat, and I guess has dried out from imbedded moisture in various cavities, is that the existing cracks have gotten bigger and its delaminating in rust bands. And a new crack has formed all by itself. When I pick it up and slap it with the palm of my hand, rust cascades out. Definitely not repairable.
Here's a link to a thread a couple of weeks ago that might give you some assistance as well?
http://forums.sbo.sailboatowners.com/showthread.php?p=729522&highlight=elbow