As long as you're confident, have practiced out to 300 yds and it's accurate, who cares what someone else "thinks of it". 90% of the success in the hunt is how the hunter prepares for and work put into the hunt to find and get into range you know you can make the shot. The shot has to be placed to make it a quick as possible kill (e.g. double lung broadside, heart). I don't care how expensive a rifle and scope you have, as long as you can prepare and make the right shot.
If some day you can find and afford another rifle you really like and will serve you well, have at it. But done be ashamed of shooting an elk or other animal with you rifle, as long as you respect it by doing the preparation for the hunting a make an ethical shot. Good hunting!
(P.S. When you bless to shoot your elk, please let us know... post a picture, if you will.) :-)