Best thing to do now is grind the stump and immediately plant one of the many Dutch elm disease resistant elms available in the nursery trade. Heritage elm, I believe, is doing well in tests and outplantings as is another one that I believe is named Princeton elm.
Princeton' American Elm
That’s a good choice. Another is Retoration American Chestnuts. The American Chestnut Foundation is releasing seeds/seedlings that are the result of a 25 year back cross breeding program. They may or may not be blight resistant, which is one of the reasons that they are releasing the seeds/seedlings now to TACF members- for wider testing.