No offense but if youhave toask if this would be a good choice then you probably shouldn't be taking 500 yard shots at elk.

Can a 30-06 kill elk at 500 yards? ------ All day long.

Can you consistantly get that bullet into the chest of an elk at 500 yards under real world hunting conditions? ------ We don't know. 500 yards is a long shot especially under less than ideal conditions.