This is an AU idea using four of the canon Element Bearers (two of them are, in fact, childhood friends themselves) and two of the childhood friends of two of them.

Anyway, in addition to Twilight, Applejack, Rainbow Dash and Fluttershy, there would also be Moondancer and Rara among the group.

Element Bearers:

Magic: Moondancer.

Loyalty: Twilight (in this universe, Twilight DID actually attend Moondancer's party [since Spike's message from Celestia could come be delivered just as easily to Moondancer's party as it could at Twilight's living quarters in Canterlot]. Anyway, in addition to treating Spike better than in canon at this point in time AND putting more value on Moondancer's friendship. Twilight shows a good qualification for the Element of Loyalty during THREE points during the first adventure. 1. the rockslide [using her magic to catch Moondancer and lower her safely to the ground before allowing Applejack to let her go and let Rainbow and Fluttershy catch her 2. ALSO using her magic to back up Moondancer when they try to activate the Elements AND 3. distracting Nightmare Moon while Moondancer continues working on the Elements).

Honesty: Applejack (Applejack ACTUALLY EXPLICITLY tells Twilight that Rainbow Dash and Fluttershy are already in position to catch her, plus she helps the group see hard truths about themselves [and realizes hard truths about herself too] AND sees through the "fear tree" illusions with truthful observations.

Generosity: Rara (in this universe, Applejack and Rara befriended each other while in Manehattan. as in canon, but Applejack had a better influence on Rara here and she left for Ponyville before Svengallop could even get his hooves into her business. Anyway, she gets the Generosity Element by helping out the sea serpent by calming him down with her singing while Fluttershy works on getting his moustache fixed)

Kindness: Fluttershy (naturally)

Laughter: Rainbow Dash (showing a natural fondness for Karmic Trickery to keep her friends' spirits up and wise-cracking in the face of danger).

So, yes, among the canon Element Bearers, it would be an equal mix of their canon Elements (Applejack and Fluttershy) and different Elements (Twilight and Rainbow)

Anybody who likes the idea enough to adopt it can go ahead and include the in-betweens as they get inspired. Unfortunately, as usual, I don't have the time and energy to do this myself, but I would still like to see it go to a good home as it were.