Interesting point. Bob Dylan certainly wanted to be Elvis more than he wanted to be Jeremiah (he said so). But the very name Bob Zimmerman assumed from Dylan Thomas made him more complicated. He definitely feels annoyed at being considered a leftist, and it seems to me his flirtation with Christianity is just something else he considers a passing phase. But note that he has no problem making money from either era. In the end he's just offering what customers will pay for. Maybe he is Elvis.
I think you are wrong about Dylan simply wanting to "make money", so to speak...You are right the Dylan dislikes the fact that so many claimed him to be more than he thought himself to be...he hadted to "Spokesman for a generation" crap.
His faith, however, was an is real...but he is private about it.
It is my view, that he simply loved/loves music...and he just wanted to make music that he liked...and he still does...that is HIS JOB...that is what he does...
As for Elvis, he did say that he thought Elvis did the best version of Tommorrow Is A Long Time.