I am going to go bow Hunting for Elk and would like to know how much draw wieght and speed I will need to take one

Speed is the least of your worries when bowhunting as long as you' re using fairly modern equipment, such as a compound bow.
I' d be more concerned with draw weight and total arrow weight, which includes your broadhead. A 55# bow and a minimum 400grn total arrow wt. This setup would be adequate for elk to 35yds. Yes you can take elk with less poundage, but it is not recommended and it would be less than adequate, especially for a first time hunter. If you can pull a little more poundage, then that would be a plus, especially on marginal shots where a little more umph can make a difference.
Make sure equipment is well tuned, with a good quality Broadhead such as Muzzys--Thunderheads--Magnus etc. Make sure you do your part as far as practicing goes, and it' ll give you total confidence in your equipment, the rest is up to you. Good Luck. elknut1

Your bow isn' t too much of a concern as they are taken every with stick bows. Draw weight should be no more that you can pull comfortably and properly. Don' t wory about speed. The biggest thing as elknut1 said is a well tued bow and a quality broad head that will slice through with minimal effort. Muzzies, thunderheads, Magnus stingers are all great. I am choosing to use G-5 Montecs this year. Three blade, one piece so nothing to fall out or come loose, cut to the tip and one heck of a sharp tip, and resharpenable.

Good advice from elknut. He has lots of experience and knows what he is talking about.

One additional caution for a first timer is to not get that draw weight poundage up too high on your bow. In the field you may not have a perfect setup where you can get a straight pull on your bow, you may be turned or on one knee or some other less than perfect situation.
Also you will be surprised to find that when you see that bull and he comes in screaming at you at 40 yards your heart will pound in your chest and you will get weak in the knees and that 80lb bow that was so easy to pull at the range may suddenly feel like 150lbs.

Boy,There is some good practical advice given here and I agree with everything said.Wish I had advice from this crowd before I started bowhunting out west many years ago...