The scope is probably worth about $500 new. You could always buy the package, sell the scope for $350, buy a scope you prefer with that $350 -- maybe adding in some of your own money. Since you are buying the package used, you ought to be getting a good discount off of new. If not, walk away from the deal.

You can hunt elk with that rig. It may not be ideal, but it will work. It really depends on the price you are getting. The size of the objective lens is less than idea in that scope, too. It is big. Maybe it hangs up on stuff more readily (I admit, small matter, but since were slicing hairs hear I thought I would mention it).