Executable is EDLaunch.exe (confirmed launches Elite)
No, you need to browse to the executable as I described above – “<SteamInstallationFolder>\SteamApps\common\Elite Dangerous\Products\elite-dangerous-64\EliteDangerous64.exe”.
EDLaunch.exe is NOT the correct executable (this is the executable for the launcher application) which is why you cannot select it. ISE only allows you to select an executable if it has the correct file name.