As for the elbow, he did come back in September to pitch a few games (albeit not exceedingly well), and he passed his physical. The workload will be less than it was in LA since he isn't the closer or even the primary setup man. He's probably not going to be active for 162 games, but for 1.5-2.5MM, it's a good signing.
Unless we do indeed trade Masterson/MDC, this pushes Littleton out of the bullpen. The pen does seem to be missing a long man, though.