Elrond "A sword, you say? Hmph. *shrugs shoulders* You can have it for an ounce of pipeweed."
Gandalf "Done."
Elrond "Just don't tell the others. And when we get to Valinor and Turgon asks about it, just use an Old Istari Mind Trick on him."
Seriously, though I think Glamdring is more representative of Gandalf's worthiness for his task than anything else. As such I don't think it could be taken away from him. Orcrist was buried with Thorin, even though it was probably twice as tall as he was! And Sting is passed on to the new Bilbo, Frodo.
It's an unfortunate coincidence that Glamdring turned out to be an heirloom of Elrond's house, but there is no doubt it is better bestowed with Gandalf.
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But Gwindor answered: 'The doom lies in yourself, not in your name'.
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