So here is what I plan on running in a tournament in the near future.
Drea Renthal w/ R4-B11, Autoblaster turret, BTL-A4 title, Stealth Device 30pts
Talonbane Cobra w/ Decoy, Engine Upgrade 34pts
Guri w/ Bodyguard, Hull Upgrade 35pts
The issue I am having is with Bodyguard and Decoy. If Cobra uses Decoy on Drea, can Guri then use Bodyguard on him effectivly making him a PS 9 with 3 evade dice? Also is there a order I have to follow when activating elite pilot cards?
Yes, that works. As long as Drea has a higher PS than Guri at the point Bodyguard triggers, then she's a valid target for Bodyguard.
And when multiple abilities trigger at the same time (such as "At the start of the Combat phase" here), you choose the order in which your abilities activate. If both players have effects to resolve, the player with initiative does all of theirs first, then the other player resolves their own.
That combination is legal, but it doesn't do quite what you say it does. If Cobra uses Decoy on Drea Renthal, Cobra becomes PS5 and Drea becomes PS9. If Guri then uses Bodyguard on Drea Renthal, Drea is PS9 with 2 evade dice.
Most cards tell you what their timing instructions or activation conditions are; here, Bodyguard and Decoy both say "at the start of the Combat phase", so you can activate them in either order.
You can choose the order of your effects if they trigger at the same time. (I am pretty sure some FAQ entries override this, but in general its accurate)
So you can Decoy Drea then target her with Bodyguard.
or
You can Bodyguard Cobra, then give Guri or Drea a PS of 9.
Also, Drea should be referred to as "she".
Vorpal, Drea has Stealth Device on her, making her agility 3 with Bodyguard.
The cards work like you think they will but it looks like you are spending 7 points and two EPT slots to make the cheapest and least threatening ship in your list harder to kill. That Drea's arc is a scary place to be at range one but it's not that hard to stay out of a PS 5 Y-Wing's arc at that range.
Don't lock your auto blaster turret!