Yes 4x 1200W heating elements and 24 panels will work on the DMPPT450. Just connect a 10K resistor to simulate temperature sensor always showing the same temperature on ET1 and ET2 and connect the thermostat of each of the two corresponding water heater in series with this 10K resistor.
So the ET1 controls TLD2, TLD3 and TLD5 so say connect the first water heater with one heating element to TLD2 and the second heating element to TLD3 then connect the thermostat of that water heater to ET1 in series with a 10kohm resistor. That way as long as water temperature is below the thermostat set-point the water heaters will be enabled and when thermostat opens the circuit the DMPT450 will turn OFF anything connected to TLD2, TLD3 and TLD5.
Same thing for ET2 witch controls TLD1, TLD4 and TLD6 connected to your second water heater.
The DMPPT450 will just work independently without the need for SBMS120 assuming you only need this panels for heating and not need them for battery charging.
Else if you also need battery charging you can use the SBMS0 with the DEXT16 and DSSR20's