WINDSONG,Skippy or whoever out there is mixed up about sacerdotalism in the New Testament Church---you miss the entire message of the book of Hebrews. In all those instances where you have red-lettered the Melchizedek priesthood, the writer is discussing not man, but Jesus Christ as the holder of that priesthood. The eldership described in I Timothy 4:14 is in no way linked to the Melchidezek priesthood, except through a wild illogical stretch of the imagination.
Those in the "royal priesthood" described by Peter are simply those who have fully accepted the gospel of Jesus Christ and been "translated...into the kingdom of [God's] dear Son" (Colossians 1:13). There is no requirement for any kind of ceremonial laying on of hands in connection with that.