My 2 cents:
All of Paul's writings (as well as those of all other Biblical authors) come from a
context. One component of that context is cultural. Another is historical. Paul lived in a particular place and time and culture. In a first century context, women were treated (and always had been treated) like property. A woman belonged first to her father and then to her husband. She was typically deprived of education or rights. She was more often than not regarded as flawed, weak, lowly, despicable and even evil. A woman was not accepted as a credible witness in a court of law. Women were essentially treated like children. In light of this, Jesus' interactions with women were astonishing. Likewise, Paul's views towards women were revolutionary.
Nowadays, women can be doctors, professors, astronauts, firefighters, police officers, soldiers, CEOs, Senators and Presidential contenders. In Paul's day this would have been so far off the cultural/historical map as to be unimaginable. In a similar way, rather than calling for the abolition of slavery (that would take many more centuries), Paul worked within his context by admonishing slave owners to treat their slaves as brothers. Although the actual abolition of slavery was off of Paul's radar, the seeds were there.
Martin Luther King, Jr. said that the universe bends towards justice. Some theologians refer to it as "the redemptive arc of history". As the Kingdom of God has expanded, like leaven in the dough, restoration and freedom has come in ways far beyond what Paul saw in his day.
So, of course women can be elders. Women can do anything in the church that men can do. There is nothing inherently deficient in a woman, especially nowadays when she has equal access to education.
What particularly surprises me, TK, is that (if memory serves) your church is Quaker. The Quakers have been way ahead in regarding women as equal to men throughout their 350 year history. Quaker women such as Margaret Fell, Elizabeth Fry, Lucretia Mott, Mary Dyer, Hannah Whitall Smith, and countless others have had powerful ministries within the church and lasting impact on society at large in areas such as prison reform, care for the mentally ill, abolition of slavery, women's suffrage, freedom of religion, etc. What all of these movements have in common is that they served to further the arc of justice and redemption. Why on earth would a Quaker church be wrestling with the idea of having women elders when that has been the Quaker way since the inception of the Religious Society of Friends?
Dealing specifically with I Tim 2:12 and I Tim 3:1-7, one has to step away from proof-texting mode and look at the larger context. Paul is writing a letter to Timothy. Timothy is continuing Paul's apostolic work in Ephesus, nurturing the growing church. Ephesus is home to the temple of Artemis (Diana), one of the seven wonders of the ancient world. Goddess worship in Ephesus was deeply entrenched and had been going on for over 1,000 years (before the Romans and Greeks, Ephesus had been the center of worship of the Phrygian goddess Cybele). For millenia there had been an established priestesshood in Ephesus. In the same way that Diana/Artemis had been superimposed unto Cybele worship, so Jewish and incipient Christian Gnostics were superimposing Eve onto Diana (interestingly, it was at the Council of Ephesus in 431 AD that Mary was officially bestowed the title
Theotokos: Mother of God). Under Timothy's watch, former goddess worshippers were joining the Christian churches. One would assume that this included former priestesses. There were probably serious clashes of authority, as well as of doctrine, taking place. For example, Diana was the protector goddess of women in childbirth, hence Paul's admonition in 1 Tim 2:15 that women will be saved through childbirth if they continue in faith, love and holiness; in other words,
not by offering sacrifices to Diana as was the cultural norm in Ephesus.
To me, this all comes down to a matter of following the living Spirit behind the text rather than the just the letter of the text, which is rooted in a time and a culture.
Further reading:
http://www.spiritledwoman.com/wim/rousu.html
http://www.godswordtowomen.org/fees.htm