Webkit (Safari, probably Chrome, possibly but probably not iTunes?) uses a custom scrolling implementation so that it can present a consistent scrolling API to other parts of the framework regardless of what platform you're working on. This is implemented by having a platform-independent layer and then a bunch of platform-dependent parts that are hidden from a typical application. It would seem that the elasticity is implemented in the Mac specific parts of this, (e.g. in Source/WebCore/platform/mac/ScrollAnimatorMac.mm).
If you look through that file, you'll notice right away some large sections of code that are inside
#if ENABLE(RUBBER_BANDING) ... #endif
compiler directives. So if you are willing to compile the source from scratch, it should be fairly easy to disable this. The problem is that a) you don't want to be compiling the webkit code from scratch even once really, and b) they push updates to Safari/Chrome on a regular basis, and you _really_ don't want to have to be compiling new copies of it on a regular basis. (obviously some people do this because they contribute code to webkit, but building webkit is no little task - the source repository is 1.8GB). A better solution is really needed.
I see two directions that make sense to pursue. The first is the possibility of re-implementing a couple of key functions (I found a couple, like ScrollAnimatorMac::allowsHorizontalStretching, that essentially return flags for whether the elastic effects should be enabled or not) and then injecting this code into Safari or possibly others using the DYLD_INSERT_LIBRARIES environment variable.
The second is that on my (older) machine, I actually don't have the elastic scrolling by default. There might be some good way to change a config file here or there to trick your machine into thinking the same is true there. I haven't managed to find where that happens in the WebKit code though. It would also have the downside of disabling inertial scrolling, which is something that would actually be kinda nice to keep I'd think.
All of this is made much harder for me to debug/explore/test because of the fact that my mac doesn't support it in the first place. Gr...