For the LORD is great, and greatly to be praised: he is to be feared above all gods. He is to be feared above all gods - I think the two clauses of this verse should be read thus: -
Jehovah is great, and greatly to be praised.
Elohim is to be feared above all.
I doubt whether the word אלהים Elohim is ever, by fair construction, applied to false gods or idols. The contracted form in the following verse appears to have this meaning.