Bunjin design is not an easy thing to do.
It has, unfortunately, become the "fall back" for material that lacks obvious qualities for other designs. It is so with this tree, I fear. The trunk isn't suited to be a bunjin or literati just because it's too tall and rather thin.
The branch placement in the virts are awkward and will only get more awkward as times passes. The foliage pads that an elm produces are far too thick and lush for such an austere design--you will have your work cut out for you should the tree regain its vigor and begin pushing alot of growth--healthy elms need drastic thinning two or three times during the growing season, or their foliage becomes extremely congested--well out of character for the austere look needed to pull off a bunjin.
Were this mine, I would chop it two thirds of the way down. Remove the "second trunk" (which is not really a trunk, but a branch that emerges too low on the trunk to be of much use as a branch or a trunk). After tht, I'd wait to see where new buds pop. Select a dozen or so two years from now and go for the virt that Plant Dr. suggests.
I apologize if all this sounds rather harsh. It's not meant to.