[1] Verbal adjective from ἐκλέγω , "to choose". The same differentiation is pointed out at epsilon 2437, and at Et.Gud. 358.2ff. De Stefani and Et.Magn. 269.9ff.; cf. also Et.Magn. 569.22, Anecdota Oxoniensia 1.113.22. The form ἔκλεκτος occurs as a proper name in Cassius Dio and Herodian; as an adjective, it can be found in two alchemic texts (Fragm. Alch. 2.334.17; Moses 2.314.9 Berthelot-Ruelle). But cf. in the religious sense, Cyril of Alexandria, In duodecim prophetas 337.7. More common is the form ἐκλεκτός ; confusions in the manuscript sources between the two forms cannot be excluded.
We would regard both ἐκλεκτός and ἐπίλεκτος as verbal adjectives. According to Smyth (section 425c.N.), "Prepositional compounds in -τος denoting possibility generally accent the last syllable ... Such compounds as have the force of a perfect passive participle accent the antepenult ..." It would follow that ἐκλεκτός should mean "selectable, deserving to be selected."
[2] Bible quotation, from Proverbs 12.24.1, where the word is generally interpreted as "diligent".