What role did the elders play?
Ramban #1 (citing the Mechilta - according to R. Yoshiyah): The elders gathered the people to Moshe, and he issued them with the instructions.
Ramban #2 (citing the Mechilta - according to R. Yonasan): Moshe instructed the elders, and it was they who passed it on to the people. 1
Ramban: In which case, "Speak to the congregation of Yisrael" (12:3, above) was said with reference to the elders, who are called "Edah" (See Bamidbar 15:24).
Why did Moshe address specifically the elders?
Mechilta: He went in the footsteps of Hashem, who always gave honor to the Zekeinim. 1
Oznayim la'Torah: This was still part of the Parshah of "Ha'Chodesh ha'Zeh Lachem" (12:2), which was said to the whole of Yisrael - and indeed, the whole of Yisrael were currently still standing in front of Moshe and Aharon. 2 Only, on account of the element of Mesiras Nefesh involved, Moshe addressed the Zekeinim to take a lamb and tie it to their bedposts, to act as examples to the rest of the people - who would then follow suit and do likewise.
What are the implications of the double expression, "Mishchu u'Kechu [Lachem Tzon]"?
Rashi #1: It means that if one owns flocks, one should draw a lamb or a kid-goat from there; and if not, he must purchase one from the market.
Rashi #2 (in Pasuk 6) and Targum Yonasan: It means 'Withdraw from the Egyptians' Avodah-Zarah (because they were steeped in Avodah Zarah - Rashi), and take for yourselves 1 lambs for the Mitzvah!'
Ramban #1: Moshe, who was speaking to the people on Rosh Chodesh Nisan, 2 now instructed them to draw a lamb from the flock to their house on the tenth of Nisan, 3 and to take it and slaughter it as a Korban Pesach on the fourteenth. 4
Ramban #2: He meant they should fetch a lamb from their flocks, which were situated in Goshen, far from where they resided.
R. Bachye #1 (citing a Midrash): 'You drew a lamb for Mitzvah; I will draw your enemy to the Yam-Suf and drown them in it. 5
R. Bachye #2: Because their going down to Egypt was brought about by drawing Yosef from the pit' (their leaving Egypt too, came about by drawing a lamb from the flock). 6
Yerushalmi Kidushin, 11:4: It teaches us that one acquires a small animal by means of Meshichah (by leading it or causing it to walk). 7
Mechilta #1 (according to the Chachamim): It means that those who have should withdraw from their flocks; and those who don't should purchase.
Mechilta #2 (according to R. Yossi): and Pesikta: It means 'Withdraw from idolatry, and cleave to Mitzvos.' 8
"K'chu lachem Tzon le'Mishpechoeichem". What is the significance of bringing the Pesach 'for their families'?
R. Bachye: It teaches us that one should bring one's family close in order to rejoice together on Yamim-Tovim. 1
R. Bachye: And so Hashem will do on the day of the finl redemp tion, as the Navi writes in Yirmiyah, 30:25 "ba'Eis ha'Hi Ne'um Hashem Eh'yeh l'Elokim le'Chol Mishp'chos Yisrael".
Why does the Torah write "v'Shachatu ha'Pasach," and not 'v'Shachatu Oso' (as it did in 12:6)?
Mechilta: To teach us that the lamb must be Shechted specifically for the sake of a Pesach - otherwise, it is Pasul.
QUESTIONS ON RASHI
Rashi writes: "U'Kechu - Whoever does not have [a sheep], should purchase it in the market." Isn't this obvious?
Maharal (Gevuros Hashem Ch. 37, p. 139): Usually, one is not obligated to spend all of his assets to fulfill one Mitzvas Aseh. 1 In this case, however, a Jew would have had to spend everything he had, in order to purchase a Korban Pesach - if he wanted to be saved from Makas Bechoros.
Rather, no more than one-fifth (see Tosafos to Bava Kama 9b).
Rashi writes: "'For your families' - [As the verse said above,] 'a sheep for each fathers' house' (12:3)." What is Rashi explaining?