I love bowhunting. Certainly it can get pricey to get set up, but you could cut the costs some if you don't get brand new equipment - or top tier equipment. I love hunting in Oct, the deer are not pressured at all...weather is usually great. If you go this route, you will most likely need a treestand so think about that.

Since you said you already have a hunt planned for Elk in 2015, an Ultra Lite would be a great choice, (and my choice).

So I guess you have to decide - if it was me, I would figure out how to do both. Cut the costs down on the archery side, and pick up a decent new/used inline for cheap too. In all the years I've bowhunted I've never not gone ML hunting too. I wouldn't want to have to choose between them, love to do both. For many years I bowhunted a ton, but in the past few years I have ML hunted more than bow due to time and schedule. But I still bowhunt and got a doe this year.

Good luck, way to start planning early

Edit: I guess you could get a bow and use your contender for ML. That is another option.