If you want something more affordable than NY Marine or Effanco paints, Rustoleum #7737-830 Satin Spruce Green was the color usually recommended for the 1949-51 Elgins. That color may be discontinued now, so some folks use Rustoleum Hunter Green or Forest Green but those are darker than the original Elgin color.
I'm sure an Elgin expert can weigh in on this.
1954 Johnson CD-11
1958 Johnson QD-19
1972 Evinrude 25202