Yes, as long as the elective is valid for both the MCSE for Windows NT 4.0 and the MCSE for Windows 2000, you would earn the NT 4.0 MCSE as soon as you completed that final, missing elective exam. Obviously, you'll also earn the MCSE on Windows 2000 as soon as you finish all of its requirements. You might want to consider taking 70-218 as an elective; if you do, and you pass 70-240, you'll also pick up an MCSA along the way. Good luck!
This was first published in October 2001