M1 hunting,,,,sure but,,,(soapbox warning)
Yes you can hunt deer and Elk with an M1. It is 30.06.
I do not mean this as an insult we all started somewhere, the questions you are asking are self evident that you are not ready to hunt with a Garand.
Any modern commercial bolt action rifle (in good condition) in 270win/30.06 with 3x9 scope would be a better hunting rifle for someone that has not been indoctrinated on the care, feeding and love of John C Garand's baby
Great questions! I am glad you are asking them here.
Take a hunter safety class if you have not already. Find someone or a gun range were you can get some hands on training, Both in weapons handling but just as importantly gain an understanding of what a high power rifle cartridge can do and what it can not.
Nothing will make you sicker than to come across a live deer with it's jaw shot off. Shot placement is everything. Therefore use the tool (rifle & scope) that will help you do this. You the hunter owe it to the game.