ok, the overall travel, there is a mechanical limit within every scope as to just how many times you can "click" or move the reticle.
Most all of the manufacturers have settled on representing the mechanical travel in terms of Minute of Angle or simply "MOA", it gives a decent representation of how much useable adjustment the shooter can expect to have available.
Generally, when a person goes to zero their scope they start with the reticle centered in it's mechanical movement. This will leave the shooter with 1/2 of the useable adjustment range through it's extremes, if you started with 60MOA through it's extremes with the reticle centered you now have 30MOA for zeroing. Then, from that point once you have zero'd you have the remainder left over for using to dial in additional range.
Using the 6-24x Elite 4200 as an example, if it only has 30MOA through it's extremes that leaves around 15MOA useable adjustment from a centered reticle to zero with. With luck you might use up only 2-3MOA of elevation and windage when sighting in for a 100 yard zero. So on the 15MOA with the reticle dead centered, once zero'd you could either stand to gain or lose 2-3MOA. Now you wind up with somewhere between 12-18MOA of useable elevation to work out to distances beyond 100 yards.
Looking at the balistics of the 223Remington, from a 100 yard zero many rounds will require 12MOA of elevation by the time you get out to 500 yards.
What exactly is "long range" to you? If you are looking to shoot 500-600+ yards with the 223Remington, a scope with limited travel like the 6-24 Elite 4200 might not be your cup of tea. But if you will rarely shoot out to 500 yards then the 6-24 could likely get it done for you.
Looking at the Bushnell website for the specs on the 6-24 Elite 4200, they list a total of 26 inches of adjustment at 100 yards for that scope which roughly equates to 26MOA.
Another thing to be aware of. As a scope is moved to the higher extremes of it's elevation travel, it loses windage travel. What happens is the actual scope tube begins to interfere with the reticle as the device is moved through it's mechanical range. If you top out the reticle moving it upwards in the tube, you lose the ability to move it to the side.
Having the reticle perfectly centered between it's upward/downward travel might yield a person a total of 16MOA of windage in either direction with brand "x" scope. But if you dial in 8MOA of elevation on that same scope, the useable windage available to the person may wind up being closer to 10-12MOA instead of the 16MOA available when centered.
All of this doesn't have to be quite so complicated, in reality most shooters won't really ever worry about how much adjustment they have in their scope. But when I hear somebody wanting to shoot "long range" one of the first things I always think of is what the capabilities of the optics are and whether or not the optics can match what the owner wants to do.
The 6-24x Elite 4200 seems to be a unique case where it is one of the more limited scopes in terms of internal adjustment. It probably has something to do with the 1/8 MOA adjustments and how they decided to run the turrets. In order to use that scope at further than 500 yards it would likely be neccesary for a person to resort to tricks usually reserved for the 800-1200 yard shooters who use tapered bases that give back 20-30MOA of useable elevation to the scope.
It would likely just be easier to find a scope with more useable elevation than that of the 6-24x if your goal is longer range shooting. Looking at the Bushnell page, their 4-16x scopes have upwards of 50inches of travel at 100 yards which is approximately 50MOA of useable travel(double that of the 6-24x which leads me to suspect it's the 1/8moa turrets on the 6-24), with the 4-16x Bushnell the 50MOA of travel is likely to get you to 500-600 with more ease and less fuss than the 6-24x.
Hopefully this wasn't too long or hard to understand. I know if there is something I left out or didn't put quite correctly there are other forum members who can jump in and put it in more simple or eloquent words.
Part of what needs to be answered is just how far you intend to shoot. Going back to your original post, out of the two scopes I would say that the 4-16x Elite 4200 would be a more flexible choice for long range shooting than the 6-24x Elite 4200 if shooting out to 500-600 yards.
On my 223Remington that I use for varminting I went with a scope that has upwards of 80MOA of useable adjustment through it's extremes, shooting out to 600 yards I have yet to run out of useable elevation with that scope. I could probably get away with a scope of lesser adjustability but I was specifically looking for a scope that could likely get me to 700 if neccesary.
On my 300 Winchester Mag I am saving up for a scope that has upwards of 120MOA of travel through it's extremes because I am looking to eventually shoot 1000-1200 yards with the rifle when I get it rebuilt. As it sits now, I have one of the Bushnell Elite 3200 10x Tactical scopes on the rifle and even with an advertised 80MOA of adjustment I can only dial up to 700 yards of adjustment. Reason being, my mounts/bases ate up A LOT of my scope's internal adjustment, such that from a 100 yard zero I only have about 15-18 useable MOA which is barely enough for 700 yards. If I kept that scope on the rifle, I could hit 1000 yards by getting a 20MOA tapered base but then I would just barely be doing it. The ideal situation for me would be to have a scope perfectly capable of doing that on it's own, then maybe put a 20MOA base on inorder to gain back not only additional elevation but additional windage.