A story in pictures and a few words. So, Valheim's stupid asshole RNG sent me on half a world tour just to get to the Elder:
On the bright side, Haldor happened to be right next to the Elder. Like, really right next to it:
Usually I'd erect two or three indestructible pillars with the hoe to defeat the Elder. It's pretty easy anyways, but I wondered if it had the same restrictions as all the regular mobs when it comes to Haldor's force field. Turns out, it has. If you're inside Haldor's force field the Elder will just go on an erratic demented stroll through the woods (quite fitting) and just randomly shoot in all directions instead of attacking you.
Even easier picking than usual :)
In case you want to experience it yourself, the world seed is 3Wy3wVd6Lj
I think it's faster to just chop wood with the axe. I do love to use trolls to get fine wood before I have any metal though.
I guess it depends on how you do it.
Personally, I make a base UNDER Elder and do maintenance tasks there while Elder rampages. His attacks to minimal damage to anything close to the roof, but that is it. When I am done, I go get some wood, let him live if I can and come back later for more.