'91 Karakoram and Elite were actually different frames I believe, though very similar.
Slightly different tubing and little details like the internal cabling. Karakoram and Tequesta may have been the same frame I think.
Looking at the 1991 GT catalogue, the Tange decals are identical on both bikes and both have the same internal cable routing, so I am pretty sure that the frames are both the same. The Elite model has DX mechs and chainset, Ritchey rims and alloy finishing kit - in addition to the different pain schemes, these seem to be the main differences from the standard 91 Karakoram.