You can cheat. Well, you can in this case.
You need an event that can delegate, which will always happen before the plugin needs to be applied, and some ways to find out if it really was. You can always add this yourself, though.
Assuming you are using this plugin:
http://www.unwrongest.com/projects/elastic/
, / , :
$('textarea').live( 'focus', function(){
if( !$(this).data('iselastic') )
$(this).data('iselastic', true).elastic();
})
, jQuery 1.4 .