Absolutely. Having founded (and sold) a printing and graphics company pre-internet the saying back then was "price, quality, speed" pick any two. (Which is used in many businesses obviously).
The only customers worth having really were covered by "a" and "b". You made money on them as you slowly were able to inch up the pricing after initially getting a foot in the door.
The only exception I can think of is when we did government work where the only thing that mattered was price with one exception: If you delivered for the bidding agent they were more likely to call you for projects that they had on short notice where the price wasn't as relevant [1] which is because of "b". Which more or less continues to prove the point you made.
Add: [1] They could pick who the bidders were so they could steer work to a favored bidder if they wanted to.
So my point is: your Elance reputation doesn't matter at all, because you can't sustainably freelance on Elance, and nobody you want to work for gives a shit about your Elance reputation.
If you want the money, deliver what the client asked for; otherwise, write this one off as an inexpensive education.