1. Speculation
2. DMC2 Dante is Sephiroth's equal (except "instant kill" blasts in SSF(high demonic form) aren't spells and don't take as long to cast as Supernova).
Dante has seen and harmed the inhabitants of spectral realm (ghosts, Enigma)- immaterial creatures. Thus he may hurt the filet of squid with overrated title.
EG easily, this is not a fight, this is pest control for the EG favour, then he spins the wheel and Dante comes out a childs soul for slaugh to poke and beat
EG can only be touched by the purified soul reaver...everything else goes staight through him..
also, the spectral realm in LOK is different to the DMC variety..
there is nothing dante can do to EG, even if he knew he existed...let all vs elder god threads die, unless its about a different elder god
I was opposing to two things "can't see" and supposing inferiority of DMC2 Dante to Sephiroth. Other than that, squid wins seeing as he can only be killed by a plot devise.
BTW, isn't Elder God some missing cousin of Cthulhu?
Conclusion:
Dante can see Elder God and probably hurt him a bit as his weaponry shown to work on immaterial creatures. Though given Elder God's size, even "instant death" blasts of high demonic form (effective against enemies such as Despair Embodied) wouldn't kill him in one shot, as there's only one plot device way to surely kill Elder God.
Big tentacled boredom.
why do people always say kill EG, theres only one plot device that can HIT EG is the correction, Kain never killed the EG, the thing is planet sized, the only thing that could likely kill it is either the reaver through some Haxor ability it may gain if another game was deveoped (unlikely to happen with most of the developers gone, altho i think blood omen cast is still there so they can still make LOK, also i think Amy herring the writer has left her stuff..anyway) EG is a planet sized entity who could likely beat many if not all characters in Gaming and many in fiction