If you plan to create a lot of elements of the same type (e.g. item pick-ups), it's a good practice to use Element Settings to share your settings between multiple elements and change them at a single place.
The settings of the Element Settings asset are identical to the settings of the HUD Navigation Element component. You can find the documentation here.
It's easy to create an Element Settings asset from an existing HUD Navigation Element. Simply create a new Element Settings asset and assign the GameObject with the existing HUD Navigation Element component to the Copy From field and click on Copy Settings. All existing settings on the Element Settings asset will be replaced!