Yes, it is. At least for killing deer.

If you want to hit smaller targets, more magnification is often very nice.

I like the Score High adjustable pillar blocks, and their kit with stockmakers screws is very handy. Pro-Bed 2000 is available in a kit from them too, but there are other options for bedding compound that will make you happy also.

I personally have a Leupold VX-3 4.5-14x50mm (30mm tube) on my most frequently used 300win mag. The same magnification in a 40mm would be a bit smaller and lighter - and cheaper - and a good option for such a powerful, long range capable round. It's not a $500 scope, however.

$500 tends to be a dead zone, in my opinion, for scope buying. If I'm going to spend that much, I save a bit more and go for the best of the best in the $800-1200 ballpark.