I don't think a heavy rifle is necessary for elk. Much larger animals are regularly taken with lighter rifles.
I shoot some pretty heavy stuff myself, but I invest the time and money into reloading to get good with it.
I think for most people, in most situations, a 30.06 is the best choice. I'd rather hunt with someone who is good with a 30.06 than flinches with a .338, I'll spend less time tracking wounded game and more time hunting. Most people would be better served by learning some basic fieldcraft to allow them to get close than by overgunning themselves to make up for the lack.
Ideally, everyone would have the perfect rifle for every occasion and have the field skills of an Apache. Unfortunately, in the real world people don't have the time or money.
So get yourself a 30.06 and spend the range time to learn to place a bullet in the x ring offhand. Then get a camera and spend your weekends next summer in learning to stalk elk. You'll be better served in the long run.
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Keith
The Bears and Bear Maulings Page:
members.xoom.com/keithrogan