http://www.nbef.org/elk_java.html
Here is a pretty good link. I just do the same thing I do for a whitetail: hold tight against the back of the shoulder 1/2 way up chest. A lot of people use 140-150 gr for elk, but I like to go bigger: 160 minimum and I usually use 175 nosler partititions in my 7mm rem mag. Accuracy is the main thing. Put you bullet in the boiler room and he is going down.
With the lighter bullet, I wouldn't try and "break down" the shoulder. Just put one in the heart/lung area.
Good luck