If the idea is to build a team around the running game, yes, I would.
Just like I would take Treadwell if I felt the team needed to improve in the passing game.
But this idea that "we are set here" and let's just "throw a 3rd or4th at it" is idiotic.
You said the problems run deeper, they sure do.
There is not an area on this team outside of the starting five on the OL that is a foundation that is just off the table.
Practically all positions are open to improvement.
This team won four games.
Just because a position can be improved doesn't mean that you should use a top 5 pick on it. I love Elliott as a player, and he's by far the best RB in the draft. I said so before the season.
That being said, spending the 4th overall pick on him would be a poor use of premium draft position. They can draft him lower than that.
As far as I am concerned, here's what they can stand to use picks or FA acquisitions on:
QB (backup and the future)
RB (potential bellcow)
WR (need a speed receiver and a guy with reliable hands)
TE (just not in Round 2)
RT (not sold on Chaz Green - add a guy who can compete for the position, and at worst backup T and G)
DT (a guy who can take on double teams and collapse the pocket)
LB (speed and range needed)
CB (guys who can pick off a ball once in a while)
S (someone who can play)
Literally every area of the team. To me, QB should be the goal with #4 - they may not get a shot this high for a while, and need to take advantage of it.