I acquired one of these units myself in late May. It is also a Westgate Elara unit, and you are right, it can not be converted to HGVC. I did tons of research prior to buying one as there is a lot of negative information on these units. But I talked to 3 current owners of these units, and they do not have any problems booking their weeks. There is also a lot of information from the association and HGVC as to procedures and rights of westgate units.
There is misinformation about how Elara Westgate owners are treated badly, and the quality of units. I confirmed that once you are booked you are treaded like any guest or HGVC owner. In regards to the unit you get, it is not a fixed unit every time. They assign you a unit based on your deed, so you will be randomly assigned a room like any HGVC owner that uses their points. If you get a 2 bedroom lock-off, it can be split into 2 reservations. One owner does this and rents the studio week 52.
My deed was registered in late June, and HGVC is still setting up my account. After ROFR, westgate is out of the picture, so everything else in handled by HGVC.
To me, my unit represented a good opportunity for my needs. I already own at a points club and do not want another yearly membership fee. I also own in Vegas at Desert Club, but this is a completely different experience. Being on the strip, you can walk to shows, casinos, and restaurants. I love Vegas, and I like this resort. The fact that my unit floats 1-52 is a big plus, and it can be booked 12 month out!
Some units do not float 1-52, and some are fixed week 52. For greater value and flexibility, make sure it floats 1-52. Once my account is setup, I will probably book for the fall of 2020, so what I am writing here is based on my research, but I am confident that I will have no problems. Oh, and I forgot to mention that you can exchange your unit in II for added value and flexibility.
Good luck!