Is the Elyte X worth it over the standard Elyte fairway wood?

If you slice or fade the ball, yes. The X adds draw bias and more forgiveness; the standard Elyte suits players who want a neutral, workable flight.

What loft is this club and can I adjust it?

This is the 5-wood at 18°. The adjustable hosel lets you raise or lower loft and change face angle, so you can tune the flight.

Does the draw bias make it hook?

For most mid-handicappers it just straightens the fade. Stronger players who already draw the ball may see it go left, so consider the standard Elyte instead.

What shaft and grip come with it?

It ships with a graphite shaft at 43.25 inches in 50g or 60g, Regular or Stiff flex, plus a standard grip and headcover.

When is the best time to buy it?

Fairway woods usually drop when Callaway releases its next line, typically in the off-season. Watch the price history for dips below the launch price.