What do you need elogind for?
I had made an installation where there was no wm/de, just xinit starting lxterminal. After configuring the display with arandr I set up lxterminal so it opens up at the size of full screen, no borders, no scroll lines. Just a colorful console with better fonts. But that is as minimal as I am willing to go. No consolekit, no elogind, no dbus. It would run on fumes of RAM and I know there is much better than lxterminal.