Actually, that's how things are, in all but name. Whether law should be made to reflect, impose or reinforce that is a different matter.
Also, for the parallelism to stand, there is a need for a notion, even if it's not stated explicitly, that the "chosen" and the rest are closed sets predetermined somehow, and cannot intermingle. This would effectively define elitism, but it's not a necessary consequence of Rand's thought, outside of the choice to act irrationally. Yep, she did despise that kind of people, though - "be reasonable or die!"
Elitism may not be new, but other than that, her ideas hadn't been articulated and grouped together, so Objectivism couldn't be critiqued as a whole. I suppose "formulate" isn't the right word.