Gm54-120
As far as punching on through...probably but you use a shoulder shot instead. I bet it would plow through both bull elks shoulders and drop it like a rock.
That I doubt very much.... Elk are a lot stronger that you give them credit for especially through the shoulder bones and during the rut. Shoot a few with a 300 Win Mag and you will understand... Cows on the other hand might go down easier in some cases.
Ringing homemade steel gongs at long range was my main intention
Ya that would be a good use - but why would you use such a heavy projectile for gongs?