Shane married william Hollingsworth, a "wealthy real estate tycoon," in 1949. They divorced in 1957. The couple had a son, Jamie.

A 1953 newspaper article reported that Hedy Lamarr prompted Shane (described as Lamarr's "closest woman friend in recent years") to resume her career in film. Shane said of Lamarr, "She pushed me into a career again and got me out of my laziness." The article noted that Shane was "currently testing for the John Wayne picture, 'The High and the Mighty,' and the film version of 'Oklahoma.'" She returned to film and television work in 1955, most notably in the Clark Gable film The King and Four Queens. Her last film, 1959’s Tarzan's Greatest Adventure, in which she portrayed Angie, is considered her most memorable performance. She continued in television through 1964.

Among Shane's television appearances, she played the role of defendant Alyce Aitken in the 1961 Perry Mason episode, "The Case of the Envious Editor."

Shane left acting in 1964 to go into Business. She is currently the Director of the Hippocrates Health Centre in Queensland, Australia and an author.

In 1974, she published a non-fiction novel, Zulma, about a Mexican pre-op trans woman's experiences in the La Mesa Prison, based on her visit to the prison and her meeting with a trans woman named Zulma.

In 2000, she published Take Control of Your Health and Escape the Sickness Industry (ISBN 978-0646402970).

"One Answer to Cancer" (2008) is a DVD documentary written and produced by Elaine Hollingsworth It is co-presented by Elaine and a well-known Australian actor, Tony Barry, who is also the narrator. The first half of the "One Answer to Cancer" DVD is about the dangers of the pharmaceutical drug Aldara. The rest of the movie promotes the alternative cancer treatment, black salve; including detailed instructions on how to make it and apply it yourself.