I use the slingshot cuffs (the blue ones, you can actually see them in my avatar). They helped out a ton with my elbow pain. After years of shoveling snow, my right elbow felt like broken glass, and wearing these every session really helped ease some pain. I couldn't imagine squatting with them, as they'd most likely cut off blood flow, but for pressing work they are awesome.
That said, I wear them directly on the elbow, and they stretched out pretty quickly that way. I talked with some folks at my last strongman comp and they told me I was wearing them wrong, and that they are supposed to be above or below the joint in order to prevent that, but it didn't make a whole lot of sense to me. They still work though, and are cheap all things considered.