On elk sized game at 400 yards, Yes. That's why I say it is best at 200 yards or less. The case simply lacks the powder capacity for that range especially is you use a heavier bullet which makes sense for elk.

Like I have said, feel free to disagree but I base my comments on taking a lot of elk and seeing a lot of elk taken. Up to 200 yards, no problem. Over 200 yards, get a cartridge with more powder capacity. The elk deserve that and chasing a wounded one around isn't fun. Considering the 338 is a wise move. My favorite elk round has always been the 7mm Rem Mag since I tend to hunt open country in Northwest CO. It may be the same caliber and the 7-08 but it carries a lot more downrange punch and I wouldn't hesitate to take a 400 yard shot with it. As a matter of fact I have done that exact same thing more than once.