Yup, that'll work.
As long as it's the only thing the chip will be doing.

But to answer the original question...
> How to use the Elapsed Timer Demo in a PIC12F675 to maintain a on led by 5 days and then goes off
Code:
CLEAR
LED        VAR GPIO.0
CMCON = 7
ANSEL = 0

Include "Elapsed.bas"

Gosub ResetTime                ' Reset Time to  0d-00:00:00.00
Gosub StartTimer               ' Start the Elapsed Timer

HIGH LED                         ; Start with LED on

Loop:
    if DaysChanged then  
       DaysChanged = 0
       if Days = 5 then LOW LED  ; Turn off LED
    endif
Goto Loop
Or you can add a blinky LED to show that it's still counting...
Code:
CLEAR
LED        VAR GPIO.0
StatLED    VAR GPIO.1
CMCON = 7
ANSEL = 0

Include "Elapsed.bas"

Gosub ResetTime                ' Reset Time to  0d-00:00:00.00
Gosub StartTimer               ' Start the Elapsed Timer

HIGH LED                         ; Start with LED on

Loop:
    if DaysChanged then  
       DaysChanged = 0
       if Days = 5 then LOW LED  ; Turn off LED
    endif
    
    IF SecondsChanged then
       SecondsChanged = 0
       Toggle StatLED
    endif

    ; Rest of the program goes here
Goto Loop
And you can still do other stuff at the same time.