RE: Punch or Penetration to kill elk???
Having killed a few elk and seen quite a few more harvested, I would have to make the distinction of whether you are a lung shooter or a bone breaker.
When it comes to lung shots, you want a bullet that winds up just under the hide on the off side and makes a maximum size hole through the chest. The Barnes Expander MZ does this better than any other MZ projectile that I am aware of, when it comes to elk. I have seen three elk shot in the lungs with this bullet. None could take even a single step. The Buffalo bullets (lead conical) and Maxi-hunters are also very good for this application. Lead round balls are similar, just run out of gasquicker due to their poor ballistic shape.
Maxi-balls are great for breaking both shouldersor taking shots at steep angles to reach the vitals. Can almost penetrate an elk end-for-end. They have a bad reputation for letting an elk run off when shot through the ribs, though. They are going to die, but usually are going to cover some ground first. Maybe as much as 1/4 mile. I don't use or recommend them, but those who do are generally folks who want to disable the animal on the spot by shooting for big bones.
Caygad - I would have bet money that you would be packing some 460 gr. .50 caliber No Excuses bullets in elk camp. The roundball is somewhat limiting in terms of effective range . . . .