I've always used a 338 on elk (and moose) and think it's a great caliber. I started with 225 grn Failsafes and wasn't completely happy so I switched to 250 grn Nosler Partition bullets and really like how they perform. I haven't used lighter bullets in the 338 so couldn't offer firsthand experience. It looks like you've gotten a lot of good firsthand experience observations in this thread so I'd say make your decision accordingly. 338, 300 or 30-06, you really can't go wrong. Good luck and let us know how it works out.