I would think that 70-75 grains of powder would be my very lowest amount for shooting bigs hunks of lead at elk. And I really prefer in the 90 grain area if I can find an accurate load.

I have heard different ideas about what the wad does, but basically I think it protects the bullet from the explosion and helps keep gas from leaking by the bullet before it exits. Seems to tighten groups up in most cases.

If I were in your situation with big elk and less than 100 yards, I would start at 400 grains and go up from there. The 460 grain no excuse bullet can't be beat as far as effective elk medicine. The 410 (not the 385) hornady would also be a good choice if they are accurate.