Thickness is a trade off between appearance, stability, convenience and drying time. Two big slabs would look very nice and it would certainly save on gluing and stock preparation time. Wood movement would be less predictable for big pieces like that though. I haven't worked with elm, so I'm not sure how big a concern that would be. Drying time does increase with thickness so that could be a problem. Except for appearance, I don't think there would be any benefit to milling the wood any larger than 3 1/2" square.
Quarter sawn wood is more stable and may present a harder surface for your work surface, but if you have the lumber for the top sawn square, you can pick whatever face you like. Be sure to seal the ends as soon as possible and cut plenty of extra in case of problems.