Ric,
1. Since, from most reports on the Hook Again System, it seems to require a ball to be sanded to about 320-400 grit before putting it into the container in order to get the best results, that process should solve your problem about the Elixir, because sanding removes the Elixir coating. YOu obviously refinish/resurface the ball to wear it needs to be after the Hook Again process; then you re-apply the Elixir.
2. Oil absortion seems to be more a by-product of resin's hooking ability rather than the cause of the ball's ability to hook more than urethane coverstocks. Part and parcel of resin balls is the dynamic property of their cores to flare and thus expose more fresh surface to the oil. It is not that oil absorption has no effect, but it does help that oil is removed from the surface by absorption; so that surface has better grip; remember that they also skid a lot more than urethane balls and that is part of the reason for their power.
If you note that when urethane balls use dynamic and flaring cores, that type of coverstock also hooks a lot more than the old pancake core urethane balls. That was on of the reasons why the old Black Hammer was such a great ball: it flared.
Remember Doc's Elixir does not totally prevent absorption; it only slows it down to some degree.
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"We get old too fast, and too late, smart."