The elbow IK locations are only used if the hand IKs are enabled, they allow you to control the direction the elbow faces while the hand IK is active.
To adjust a weapons right hand elbow IK first go to its anim layer blueprint, for example the ABP_M4A4AnimLayers, then in the Class Defaults find the Debug category and enable the Adjust Elbow IK and compile, keep the anim layer window open as we will copy some value from it.
Next open the characters skeleton, by default this is the SK_Mannequin found in the SurvivalGameKitV2/Meshes/Skeletal folder. If your using a custom character with its own skeleton you will need to go to that skeleton.
Then copy the video below, here we are copying the weapons ik values and setting them to the RightElbowIK socket in the character skeleton.
Then copy the video below to adjust the weapons right elbow IK in game, like shown in the video once you find the location you want to use for that weapon copy the location value and paste it into the Right Elbow IK value in the anim layer.
This same process can be used for the Left Elbow IK as well as the First Person Right Elbow IK and First Left Elbow Hand IK settings to adjust their Elbow locations.
Once you’ve finished setting the new elbow locations for your weapon make sure you disable the Adjust Elbow IK setting in your anim layer blueprint.
UE4
The following instructions are for UE4 and old versions of SGKv2 only
You can adjust the left elbow location when using holdables. To do this go to the BP_SGKMasterCharacter and select either the ThirdPersonElbow or ThirdPersonElbowLeft (depending on if you are changing the left or right elbow location) in the viewport. Then set the Location and Rotation to 0,0,0 like the video below shows.
Next go to the holdable blueprint of the weapon that you want to change, so for example the BP_M4A4 and in the class defaults search for Elbow, then set either Elbow IK (Which is used for the right elbow) or Left Elbow IK (depending on which elbow you want to effect) to 0,0,0. Then in the class defaults search for Debug and tick on Debug Hand IK. Now save and close the blueprint.
Now open the BP_SGKMasterCharacter blueprint and go to the view port, then play in editor, pick up the and hold the weapon you are changing in game. You can now adjust the Ebow component in the BP_SGKMasterCharacter blueprint and it will update in game.
Once you find the location you want to keep for the weapon just copy the component location and paste it on to the Elbow IK (Which is used for the right elbow) or Left Elbow IK (depending on which elbow you want to effect) variable in the holdable blueprint, like the video below shows. Then save and remember to disable Debug Hand IK in the weapon holdable blueprint when you are done.