Try some N110 (43 to 44.5 grs) a 250 sst or barnes bullet,using win primers.and see how yours shoot.My buddy just got the new one with the cameo stock,started out with 44.5 grs of n110 and barnes bullet(250 gr ) put 4 In the same hole at 100 yds.Mine is the older model but we both shot 1 in groups @200 yds.
Don't know about elk but for deer some here say that they took deer at 29oyds+
Good luck with your savage.
Check out the savage muzzleloader boards.
If you cannot find N110 the IMR 4759 gives about the same speed using 43 to 44 grs.