I have made this statement before, and I know there are lots of people here that will disagree with me. I personally dont care for the 7mm at all I would definately choose the 300 for the simple fact that there is a wider variety of bullet weights for that calibre. Also the 300 shooting heavy bullets would be a great backup gun for the elk hunt.

As far as the other rifle I love my 338 to me it is the most versitile rifle that i own. I have done some light loads with cast bullets and taken deer yet with the capabilities of shooting heavy enough bullets for any north american game.

Granted I will state here that I am no expert and bullet placement has everything to do with killing game animals, but for some reason I have seen more wounded elk with a 7mm than any other cartridge. This is just personal experience and probably has my view skewed twards the 300.

good luck and good hunting