An adjustable boost elbow would allow you to increase your boost pressure by changing the point at which the waste gate opens, thus lowering your exhaust temps a bit when pulling hard, BUT once you exceed 20 PSI or so, the MAP sensor and the ECM would start to defuel to reduce the high boost, sort of like taking your foot out of it. Nothing gained. Since your truck is stock, you shouldn't have to worry about your EGTs though.
If you were to install some hotter injectors, then you might benefit from the increased boost once you get around the defueling problem. To get around that, you can install a box such as an EZ or a Comp or similar which will modify the signal from the MAP sensor so that the ECM does not know that your boost is higher than stock, and as a result will not defuel.
Most of the power enhancement boxes that are available will modify the boost signal from the MAP sensor. There are also a couple of vendors that offer a MAP signal clipper that is designed to modify the MAP signal without doing anything else to your system. In this situation, your clutch would start to slip if you were running both an enhancement box and hotter injectors. As you can see, increasing your power levels would have a snowball effect.
You could also look at Marco's CaTCHER ECM, which does not defuel under high boost conditions. Using this in combination with hotter sticks would also have a negative effect on the clutch in your 5 speed.
In short, a boost elbow is only one component of an enhanced power system. Simply installing a boost elbow only will not give you any performance benefits, and will most likely decrease your available power under high boost conditions. Myself, I've been holding off on bombing just yet, so that I can afford the clutch, transmission input shaft, injectors, etc all at once.