I can see this being both useful, and a can of worms!
The problem of course is how we define 'canon'. If we take Oolite as being Elite for today, then only Elite canon is acceptable, and there is precious little of that - basically just the
Elite Manual and the information contained therein.
Taking fiction and assuming it to be canon is unwise in my opinion. There is so much of it, and some may be contradictory, so the decision would have to be 'What fiction is acceptable as canon and what isn't?' And of course fiction is the product of a single person's imagination, and as so much of the game relies upon the imagination of the player there will always be differences, conflicts and disagreements.
Even
The Dark Wheel (the Novella which accompanied Elite) is considered by many to be non-canon.
The other issue is whether other games (eg Frontier) and their history can be considered canon, even if they appear to touch on Elite/Oolite.
So in a nutshell the problem is an all or nothing one. If we want strict Elite canon, the Elite Manual is the only source, otherwise it's anything goes even if that involves contradictions and inconsistences, and the inclusion of much material that many would find un-acceptable.