If by "elite few" you are referring to the divinely and lawfully called and ordained elders of the Church, the answer is "yes".
The keys of the kingdom represents the power Christ has given to the legitimate leaders of His Church to discipline (binding) and disciple (loosing), all according to the Word of God.
I have asked you to clarify what you mean by "keys of the Kingdom", is it the heavenly kingdom, or an earthly kingdom and you don't reply. From what little detail you have offered I am guessing that you want a body of men to make all determinations on what is correct interpretation of Scripture. You also seem to be implying this body men have the power to determine who should get to go to the kingdom of heaven.
Matt. 16:19 "And I will give you the keys of the kingdom of heaven, and whatever you bind on earth will be bound in heaven, and whatever you loose on earth will be loosed in heaven."
Is this the Reformed view of things, that Rome really isn't wrong but you can do it better?