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Possibilities

Source: TW

There are 3 possible hypothesis for the origin of the core Dravidians:

They were Harappans (I reject this hypothesis);
they were a near West Asian group (perhaps close to the Elamites; possible);
they were a peninsular Indian group (possible).

I posit that in the closing days of the Harappan civilization the ancestral Dravidian group (either #2 or #3) admixed with Harappans moving south
and subsequently adopted (and admixed to a smaller degree with) the incoming Indo-Aryans
and moved south as culturally Indo-Aryanized folks (the earliest Dr language text the Tam. puranAnuru supports such a scenario).

Southern v4 elite

As for v4 elite of the south, I believe their origins are complex. Some are indeed from this old Dravidian elite.
Others might be IA settlers among them. Like puranAnuru remembers Tam. warlords settling in the south from dvAraka.