"Spanky, is there a rating for the number of open/close cycles for this device?"
If it is rated for an unlimited number of cycles, one could just have it leave the valve closed any time Elk is armed away, unless there are some unattended water uses in the plan such as fill the cat's dish, water the lawn, or spray the trespasser. Then there would be little need to worry about having sufficient battery power to operate the valve if the power is out.
I wonder if the Elk should also turn off the water heater when it closes the valve. As water heats and expands, it has to go somewhere, and unless there is an expansion tank it will expand out through the main water supply pipe that this device closes.