So in theory the Elk board could be replaced with this board correct?
Yes that would work.
I created a similiar device using a SonOff basic wired to two contact switches (garage door open and close), temperature sensor and Garage door button.
The newest garage door button is digital so I purchased a small one and wired the button as a contact switch to work with the combo Sonoff board. It works with Tasmota and MQTT. BUT it is wireless versus the wired to the alarm panel stuff for the GDO. ( 4 wires to two zones, 1 pair for button).
Many automation peers are not in to soldering. I installed my kitchen counter LEDs using modified Magic Home controllers with a digital pot and running Espurna. Tiny box.
Most difficult part of the project was wiring the Magic Home controller GPIO ports.
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The Elk 960 board above is just a debounce board with an adjustable timer. I tested my Son's Ring doorbell and see that I can continously press the Ring and it would send him alerts continously. I suggested that he install (or me) a debounce board.
The originall Elk 930 board was a current sensing board that worked with a telephone ring or doorbell chime some 25 years ago.
Here still using UPB for my light switches (plus Zigbee and ZWave and X10 which are still connected to the alarm panel). Just starting to test MQTT. Still very much a powerline person.
House #2 going all wireless tasmota in wall switches and installed a Ring alarm system (managed via MQTT).