wicksy

looks like good stock to do something with. i would definately let it go wild now for next year, you need to create a new leader yes it should shoot one that is usable. Try letting it go for awhile till you have a leader where you wont it to go, then trim it back a bit but it needs lots of vigour now to get it to a decent bonsai. Let the new leader go unchecked for even 2 years, you have to get that taper we look for so much. Don,t forget to fertilize it with a higher nitrgen based one, this will help promote growth to.These elms shoot many shoots, you can either rub some off or leave it till dormacy and clean it up. I would follow this procedure for even couple of years,when you think you have got it some where near what you want, then you can refine it to get the layers and dense foliage