Yes you need something that can scale the number from the Elk. I use CQC and scale it there.
The conversion is jus the equation for a straight line. (y=mx+B)
So if a 4-20mA temperature transmitter was used you would have
y = 6.25x - 25 (where x is mA, y is temp)
or
y = 10.42x - 25 (where x is V, y is temp)
As for the resistor value, you need a max of 12V so 12/.0.2 = 600 ohms is what is needed.
You will see 0V - that is what 4-20ma systems are for. 0V represents power failure/signal loss.
So with a 600 ohm resistor you will have a voltage range of 2.4V to 12V. Should you see 0V (or whatever 0V represents) you know you have a problem.
Mick