Beautiful maybe, useful, not really.
> outlawing it makes as little sense as outlawing alcohol,
Not really, prior to 2008 when the CITES relaxed ivory sale regulation, poaching was minimal. The current poaching crisis is a result of this relaxation. Not every good behaves the same way as alcohol.
> What needs to be done is to create the appropriate legal framework and property rights to give Africans an incentive to ranch elephants.
Not possible for ecological, zoological economical and ethical reasons. Elephants take at least 20 years to start growing tusks but the 'big tuskers' are ~50 years old. Also, you won't be able to produce ivory cheaper than a poacher who doesn't have to invest into the elephant. Also elephants aren't domesticated. Also they are an extremely intelligent and social species and one of the species that come up in "non-human personhood" discussions.
> What needs to be done is to create the appropriate legal framework and property rights to give Africans an incentive to ranch elephants.
Right. Establishing legal frameworks and enforcing laws in Africa is very easy.
> Elephants are going extinct because no-one has an interest in keeping them alive. Give someone a reason to keep them alive, and the species will last forever.
It's a lot more complex than that.