If/When eli.efi fails (couldn't find required files, etc.), it does not exit with a nonzero return code. ELI 0.3.0 has this problem.
This defect is considered MUST-FIX for Florence Gold release
The code appears to do the right thing; Matt, does this still fail for you?
In testing here it says: Return Status; Load Error So, I'm going to close this as WORKSFORME. Please reopen if you have other cases where this fails.
Closing, as I haven't reproduced it, and eli has been replace with elilo.efi.