So I ran across Ka'wi the Gorger today. The little yellow paw popped up on my map and I thought OMG - it must be an elite! I was excited, and thought I need to battle it quick before someone else finds it. So I did and won, and it was still there. Thinking that was a little odd, I battled it again, and got myself some more lesser charms of good fortune. And it was still there after the second battle so I decided I'd do it again, and it is still sitting there.
I thought the elite battle pets would be tough to find, and would have spawn rates of those of the elite mobs, but I guess I was wrong. Is this how all the other elite pets are set up? If so I'm a little disappointed, though it should be pretty easy to farm charms of lesser fortune.