Elite cost 5% of the purchase price per strength point
Green replacements are free
Overstrength replacements cost 10% of the purchase price per point
In a scenario
Elite replacements cost 10% of the purchase price per strength point
Green replacements cost 2.5% of the purchase price per strength point
Overstrength replacements cost 20% of the purchase price per strength point
It takes a unit's full turn to be brought back to full strength (depending of course on limitations from enemy units next to it). It then takes another full turn to add one overstrength replacement.
Green replacements appear to remove approximately 1/14 of the units xp per strength point of replacement. One point would remove 1/14 of xp, four points would remove 4/14 of xp, etc. This is true regardless of whether done in the scenario or between scenarios.
Observations and opinions
Warning: I haven't even beaten the game on iron man/FM (can't get through US East... yet), so my opinions may well be ill-informed. Also, I only play IM FM, so my thoughts are heavily slanted towards it. Nonetheless, for what they might be worth...
You should probably have a very good reason to add overstrength points in a scenario.
If you will spend the points for elite replacements for a particular unit in a scenario, you should probably add overstrength points between scenarios -- the cost is exactly the same.
It causes very slightly less xp loss to replace losses as they occur rather than waiting for the unit to be significantly damaged. For example, a 400 xp unit will have around 275 xp left after taking one strength point of damage five times and being brought up to full strength after each time. If the unit is brought to full strength only after it has lost all five points, it'll have around 255. As you can see, the effect is so slight that it's probably not worth considering.
Since xp loss for green replacements increases as xp increase, elite replacements become more cost effective (in terms of cost per xp saved) for more experienced units. Put another way, green replacements hurt experienced units more than they hurt inexperienced units, but costs are the same in both cases.
When evaluating green vs. elite replacements within a scenario, I generally roughly estimate how many xp I'm saving per prestige point as one factor (there are other factors that might be more important, of course). For example:
Pionere + SdKfz 251 purchase cost 293
Green replacements 7.325/point
Elite replacements 29.3/point (21.975/point more than green).
If it has 280 xp, I'll lose around 20 points per green replacement point, so it's a bit more than 1 prestige point per xp saved to use elites (21.975 prestige / 20 xp). I would probably use elites in this case. (Warning, that may be stupid -- I'm not giving advice either way on what to do, just pointing out one possible factor in the decision.)
Evaluating cost/xp has the flaw that higher cost units naturally have a higher cost per xp, but higher cost units probably are also more effective, making their xp more valuable. It might be better to evaluate the cost-normalized prestige cost per xp, which amounts to simply considering the total xp saved. To add even more nuance, one could consider that xp for units that ore often overstrength (air assets, artillery) might be worth spending a bit more prestige on. It's possible that level of analysis is overkill

I routinely overstrength all units before scenarios. I think having the extra punch in the first couple of turns is worth the additional cost. Furthermore, it's equivalent to buying elite replacements rather than green replacements in the scenario for those strength points, and the cost difference (over using green replacements in the scenario) amounts to 7.5% of the purchase price per point.
I'm currently experimenting with using elite replacements in a scenario as long as I'm not spending more than 2 prestige per xp, with exceptions for artillery and tac bombers (always elite, though I've probably screwed up if a either one needs much in the way of replacements) and fighters (generally don't replace in a scenario because in vanilla once I've achieved air supremacy, they're typically are used for entrenchment reduction, scouting, and occasionally attempting to pick off the not-quite-dead unit). I use elites between scenarios always unless the xp loss is trivial (10 - 20 points, say).
Comments, thoughts, and disagreements welcome.
- Case