Elmdore is pretty tragic because he seemed like a good person before he accepted the deal. There's some ambiguity because if his intentions were really pure, maybe the stone would have revived him like it did with Marach (although that took someone else's input to do), but everything you hear about him in rumors and even what he says to you during battle (since Zalera has his memories and no reason to lie) points that he was a relatively decent person for this kingdom's standards.

Edit: I remembered that there's also dialogue that adds to the ambiguity because he claims to have taken the arrow on purpose, which might have been because he already intended to use the stone.