I am forever drawn to the exquisite logic of TULIP.
White: I became a full "five-pointer" upon reading the following section:
The question that needs a precise answer is this: Did He or didn't He? Did Christ actually make a substitutionary sacrifice for sins or didn't He? If He did, then it was not for all the world, for then all the world would be saved. (Palmer, The Five Points of Calvinism, p. 47.)
I agree that this is a strong point. My response would be that the blood must not only be shed, but also applied. Christ died (shed His blood) as a substitute for all, but the elect alone have it applied by the Holy Spirit.