I had read about the process for this upgrade years ago when I had my Elite 250, this process was taken from the Yahoo Honda Elite 250 Group and the tech tip from Randy Pozzi and Dennis Flora. It seems like you hit a bump and three miles later you are still bouncing along. It seems sensible that putting Honda CB350 shocks on your Honda Elite can be a good choice to improve handling, but the side by side comparison is shocking. The Elite shock looks like it is meant to hold up a hatchback rather than safely keep you on your bike.
Step 1: Take Off Body Pannels
Take out the screw (under the passenger foot peg)
Finally there is a peg under the passenger handle that just pulls out.
Replacing the screws and bolts where you found them can help keep them straight for reassembly.
Step 2: Remove Muffler
Step 3: Adapt Shocks
Next you have to adapt the upper end of the 350 shock to work with the Elite hardware. By removing the sleeve from the top end of Elite shock you can adapt it by wrapping electrical tape around it until It is slightly bigger than the hole in the 350 bushing. A little bit of grease should allow you to push your adjusted hardware snugly in place.
Step 4: Postion the Shocks
The bottom of the shock needs a longer bolt and nut than the stock bolt and you can't use the stock 350 one because it won't fit. Put the nut on and tighten it all up. Reattach the muffler and body panels and you should be good to go.