First of all I would try to get at least 60 lbs of KE for elk. The bows of old worked and killed many animals. Just look at Fred Bear, Pope and young and last but definatly not least, Ishi. All of these hunters had one common denominator. They all shot cut to the tip heads. These will definately give you the absolute best penetration. If that bow is all you can handle that is fine. A realease should not effect your draw length that much. That is something that you will have to find out to get that constant anchor and comfort zone. Minor adjustments can be made to most releases so you can find that sweet spot. There are a wide variety of arrows on the market. You can get heavier carbons these days so that will be a matter of preference. I like to shoot the carbon express terminator selects. They have a decent straightness and are a heavier arrow. There is good site to help you with arrow selection. It is Steve Jacksons archery. On there you can come up with a variety of arrows and get the weight and FOC calculated for you. Be careful not to get too heavy though, you want to find that arrow that will give you the perfect balance of weight and speed. A friend of mine shoots about the same setup as you and uses the easton axis arrows. With a 100 grain cut to the tip broadhead he weighs in just over 400 grains. This proved fatal for an elk last year for him. I would however try to get around the 450 mark. This will give you a little more KE and also provide a little more stability.