The 7MM-08 with good bullets will do for elk if the range is kept to 250 yars or so. I have used it and the 6.5x55 for elk size critters with pretty good results. To add to this, Rick Jamison who is a gun writer and a pretty savy hunter writes that the 7mm-08 is effective to about 300 yards for elk. As you said, shot placement would be important but the 140 or 160 grain premium bullets will do the job. Its a good caliber for a starter gun.