Just open the ec2 panel look at the instance that you setup wordpress on. write down the public ip address. pop over to godaddy and add the ip address to the a record.
What are your trying to accomplish?If you only have one VPS and are storing images on that VPS, everything else you mentioned is overkill and a waste of $$$. Elastic IPs are for setting up failovers or location based routing.
Full disclosure : be perpared to have items that sell and items that you lose on. look at the you months sales as whole and dont dwell on the items that didnt sell.
If you dont mind running around you can do alright. I made an extra 500-1500/month doing this. I stopped because I wanted to focus on way to build brands and services for a larger earning potential. However, when I'm strapped for cash it's my golden goose. Here is my formula I do product...
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