Uh, til the reformation, there wasn't a word for elder.
However, I do beg to differ on the translation. Presbuteros is used for an older person. Old man. Old woman. So, ELDER, is the natural translation. It isn't questionable to translated it as Elder. Nor, knowing the origin of the word Priest can that be 100% ruled out. However, it isn't likely that the best meaning is Priest since the KJV and others refer to priests frequently in the OT and NT, and a different word is used to describe them. High priests. A kingdom of Priests. ect., Different word.
Let me rephrase my first sentence. Until the Reformation (or just prior to that), the Bible wasn't in English so there wasn't an english rendering of "elder" to deal with.
The rest of my paragraph stands. It's getting late.
KJV seems to translate hieras as "priest" and presbyteros as "elder". This ignores the Catholic and Orthodox usage, when in the case of the Greek Orthodox, no transaltion was even necessary. It is tendentious, and at least in some case, as I showed earlier, contradicts the context as in 1 Timothy 4:14. It is also misleading since there is nothing except in that single case of 1 Tim 5 in the usage to suggest advanced age, and a priest can be ordained quite young. Several apostles, the Tradition teaches, were too young to have beards.