Wizzard
I can certainly understand why people might want the Silver Age event to be an Elseworld, but I'm not sure there's anything to support that. Yes, it's silly, but Mark Waid carefully establishes that, for instance, Lex Luthor is a billionaire industrialist, not a mad scientist, even though that doesn't fit the Silver Age paradigm. (Yes, he's a billionaire industrialist who will drop everything to form a supervillain team with known lunatics, but he does that in Morrision's JLA too.) Wonder Woman isn't there, because she only entered post-Crisis continuity after the Crisis; Hawkman gets a cameo, but is basically still on Thanagar for the same reason; and beyond "It's ridiculous" there's nothing that says this couldn't have happened between JLA Incarnations #s 2 and 3. There's even a vision of the future, which shows the post-Crisis DCU.
And then when Waid gets to write JLA for real, he immediately writes in a Continuity Nod by having Batman namecheck Agamemmno.
I remember the page for Morrison's incarnation of the Seven Soldiers having a character page and a YMMV page. Whatever happened to those?
"All you Fascists bound to lose."