vigour,
When you have an existing directory called "images" you can't call a virtual directory of the same name.
i.e. if you have a folder/directory "/images" you can't make a virtual directory "/images".
For test purposes please change your httpd.conf:
Alias /imgarchive /Volumes/Elements1/images
and use /imgarchive instead, or some folder/directory that doesn't exist in the path of your website.
alternatively, open up a terminal window and navigate to your web folder, and try setting a symbolic link:
cd /where/your/web/files/are
sudo ln -s /Volumes/Elements1/images imgarchives
Notice how I put the 's' at the end of the symbolic link - this is just in case the apache directive fails you can test the folder with the "s" at the end.
The advantage to using symbolic links is that if for some reason you wish to change the path, or if the path changes for any reason, you can update it by recreating the symbolic link without restarting the server.
I am unsure of how MAC permissions are handled with sudo, perhaps someone can answer that, as sudo allows you to become the administrator / superuser / root when creating the symbolic link, and the apache/web service user may be different.
That being said, everything SHOULD be fine.
Best of luck...