This is a tough one.  I've never heard of a plastic surgeon doing this but that doesn't mean there isn't somewhere someone doing it!  If a plastic surgeon just removed the loose skin, I don't think it would heal well unless the elbows were immobilized (not a good idea).  Otherwise, the scar would just stretch and widen every time you bent your elbow.

 I have these too so I experimented with a syringe of Juvederm Ultra Plus injected into the skin around my elbow to see how it looked.  It did improve it a little, but frankly, I doubt most of us women would want to spend this much (a syringe each elbow would total about $1,000) for minimal improvement.

 CO2 laser (fractionated) might improve it but I've never seen anything published on this.  I think the body Thermage tip, unless they find a way to improve it, would not be worth the money for this area.

 Dr. I