I used to use a 7mm Rem Mag before I got into muzzleloading. I like in CO and will be hunting this fall with the Lyman Great Plains and a roundball or ball-et. The GPH will do sweet with conicals. I am sure that the No Excuses or the Hornady Great Plains will do great in the rifle. If you would like to shoot 150yds you will really need to practice but it can be done! I would really reccomend the 54cal. I think it is the perfect caliber. You will love it. I have two 54cals. Here is a link to some No Excuses conicals that you might try. They would really work good on elk. I am really glad to hear that you are going the traditional way. Good Luck and get a lot of practice in. I would go with Pyrodex RS or Goex FFG in that rifle.
http://members.aol.com/noexcusesb/page3.html
Kirk