I can tell you from personal experience, that my Babolat Cortex frames did not help my elbow one bit. The frames I owned were the Aero Storm Tour GT and the AeroPro Drive GT, both of which had the Cortex system designed to dampen the most vibration. There are numerous posts on this board from people who had arm problems with Babolat Cortex frames.
After I switched to the Pro Kennex Ki 5x, my elbow improved and my game improved, largely because I was free to swing away like I did when I was younger. The arm-friendliest racquets I tried were:
Prince EXO3 Tour 100 (most comfortable)
Volkyl Organix 10 325 (next most comfortable)
Pacific X Force Pro
Pro Kennex Ki 5, Ki 5x, and Ki 5 PSE
I suspect that the other racquets in SystemicAnomaly's list are arm-friendly as well. The Ki 5x was actually the least comfortable of all the racquets on the list that I tested, but it fit my game the best, and it was certainly much easier on my arm than the Babolat Cortex racquets I owned.