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If you know your rifle and load it should work very well for long range. Heck the .45-70 is still used as a long range rifle in BP matches and it doesn't push bullets as fast as a .458 Win Mag. If you purpose build your rifle with the right componets there is no reason you shouldn't be able to use it as a long range rifle.
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It would work fine as long as the elk are accommodating enough to stand
at a known distance. Otherwise, not so great.
If you really want to do this 458 long distance thing, try a 460 Weatherby. You can't do much about the BC limitations of the bullet, but it will flatten trajectories a bit when you launch it at 2900 fps. Don't ask me to sight it in for you. Ouch!