I think you both are right on with your thinking. I tend to think of the 7mm/08 as on the small side for elk, but if you are really comfortable with the rifle, and have spent the time shooting the rifle, you will probably do just fine. After all, a bullet in the lungs, is a bullet in the lungs. I would take an elk with 7/08 but I prefer something that has a touch more juice. I think the 7/08 is probably about the same as a 270Win, and that has taken many elk. I have taken elk with my 270WSM, which did okay, but to me, it is not a main elk gun. I think the elk guns start at .308 Mags and stop somewhere in the 35/375's. Just my thinking. I have seen wounded animals run a long ways, and tracking them was difficult at best. Bigger bullets make bigger holes. Scotty