The display order of elements in AC is a bit limited, but shouldn't be a problem with what you describe ... unless you really mean DRAW your elevations rather than have them generated from your model and just cover up some portions (the covering up is often better done via viewport cropping in the layout).
See this help page that lists the default stacking order of elements:
http://www.graphisoft.com/ftp/publishing/ac16_help_INT/Files/wwhelp/wwhimpl/common/html/wwhelp.htm#h...
If something is already at the front, your only choice is to send the other thing backwards one level. But, there are insufficient levels compared to something like Illustrator / InDesign as you say... This thread (which includes a link to a no-longer-existing Wiki article) discusses what you've run into:
http://archicad-talk.graphisoft.com/viewtopic.php?p=115975
Here is an old wish related to display/stacking order:
http://archicad-talk.graphisoft.com/viewtopic.php?t=11356
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