Firstly, Elrond could never have become high king as he was descended from Turgon, (and hence Finwe) through a female line, ie Idril. I'm sure I've seen that for the kingship the descent has to be a direct male descent. As to what would have happened in Valinor in respect to Finarfin, Finarfin was never king of the noldor in Valinor, it is just said that he ruled the remnant of the Noldor he never took the title of king.
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From what I know of the character of Elrond I do not think he would have. Firstly is he bound by the curse of Feanor
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No he wasn't subject to any ban, as he didn't have anything to do with the rebellion of the noldor as he wasn't born yet. Galadriel was subject to a ban because she was prominant in the rebellion.