Knowing your limitations is a very good thing. Being limited to 250 yards elk hunting is a bad thing.
I carried a 300 RUM for years. I killed a bunch of elk with it. All at very close ranges. Thinking that I really didn't need all of the power I was carrying, I went out last year with a short barrel 30.06 that I had only shot out to 200 yards. Wouldn't you know it, I had the bull of my dreams at 385 yards. He just stood there and fed. I had all day to take a shot. If I had my 300 RUM, he would be on my wall right now but I had to let him walk without firing a round. That was my only oppurtunity at a big bull last year.
It's better to be prepared and not need it, than to need it and not be prepared. Trust me I know.