[Endoperez]

Re: Elephant
I misremembered that. Maybe I was thinking of Dom:PPP? As there all commanders had two misc slots, and the only Elephant commander I can think of is a mercenary, I might not have seen them in Dominions II at all... My fault, sorry.

Re: mounts as items
I don't think it would work. Mounted units are totally different from un-mounted units. Besides, the fact that graphics wouldn't change would be annoying, as you wouldn't notice it before you right-clicked a commander.
Some kind of an item that acts mostly as mount would be better IMO. Strategical (main map) flying for commander, and even for small number of troops with a Chariot, or rejuvenation and map move 4 (unicorn), would be some of the more apparent options.