Thank you all for your suggestions and warnings. It is indeed the Hartford Loop and after review of the cuts, sidelong, it may work great filling in the seams with a putty weld solution. The cut is on the loop side going into the jets at the elbow. It is all a new install, and it still has the pressure gauge and pipes connected for pressure testing so it's super easy to test effectiveness / results. The pool contractor will be here in a few days to follow up and pressure test the entire system, and, if it does not work then I'm out $7 and gained a lot of insight from everyone here in the process.
I'm the homeowner and will be for the long foreseeable future : ) and also agree that replacing the elbow is the best solution. I almost always go for 'book written' right way, not cutting corners, but after seeing the way the pipe was sectioned, what it was used for (air) and the way the putty worked with, and reacted to the fix - for this type of issue - I'm confident in the results. For a water pressured line I would have to be convinced by seeing pressurized results and then still may want the line dug out / replaced : )
For what I did: I cleaned the area with water, scraping and scanding and possible smooth areas. I wiped any excess off with of rubbing alcohol and let it dry for about 15 minutes. I then used the JB Weld Waterweld, tucked it into every seem, compressed, and tucked some more. The stuff has sealed over like PVC and looks tough and firm, especially for an air supply line.
Thanks again and I'll update what the pool contractor says or does. cheers!