In title, so for each piece of armour, you can masterwork each element separately but unlocks that element forever. you can cycle through elements on each piece of armour right away, but if you want to max out the mods on a certain element it needs to be upgraded, this will persuade people to experiment with different build more often because it will cost the same as masterworking but 4x if you want to masterwork all 4 elements on a piece of armour
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I would love to be able to unlock all 4 on armor piece, and switch between the ones I maxed. Current system is 1 of the many reasons I hate elements on armor. Would also be nice of maxed gave a small bonus like it use to give.