I think the 7-08 would be a better choice for Elk. I'd take a premium 140 grain bullet over a premimum 120 grain bullet any day. That said both are leagal for elk in most areas. Here in CO all that is required for caliber is that it be a 6mm/243. If there is a elk hunt in the future then there might be a new rifle purchase as well?
+1 to buying the rifle that fits you the best.