Str8ball,
not sure if you've decided exactly where to hunt but you should check out CO's left over tags. they go on sale tuesday aug 4th. there are a lot of good cow tags left.
EBAY has some really good Kelty internal frame packs for under $50 dollars, Moraine I think is the model. Jansport also makes a good pack for the money...you will pay for the brand name hunting packs.
The Colorado parks and wildlife website has some great info on gear in their elk hunting university page. There are lists according to seasons of what you should have.
TrippCanyon