I am working with an AWS EC2 instance (amazon Linux, elastic IP) trying to set up SSL through ACM. The certificate is verified and the load balancer is passing the health check
Your load balancer will be the spot where SSL terminates, and then carries on to your insecure servers running on port 80. You should change your EC2 instance back to port 80.
Yes, you should point a CNAME at your load balancer from the domain the certificate was created for. You do not get an IP for ELB's, as there may actually be many load balancers behind the scenes, which you don't see, all hiding behind the AWS CNAME.
Summary:
Cheers