Recruit, yes the .300 Savage is fine for elk hunting. I've settled on 165 grain Nosler Partitions for my handloads. I've hunted elk in the mountains of southwest Montana since I was a kid, mostly with an "ought six". Not much difference between it and the .300 Savage really. My experience has been that long shots, say over 200 yards, are the exception not the norm. The last few years I've been packin' a 1899 G in .300 Savage looking for a nice bull. Took it to BC as well but never had a chance at a 6 point. I'll keep biding my time, holding out for that big bull. Although, I haven't been opposed to taking a cow or two with the old gun when the season was winding down.
When it comes to talk of long shots at elk here's the deal as I see it. Very few of us need to feed our starving kids so in reality, we don't actually "have" to get an elk. And just because someone writes a big check or the elk's a trophy doesn't justify taking shots that are risky. Be it long or at a running animal or for that matter, any shot that's outside one's comfort zone. We're shooting at living, breathing animals not inanimate objects. Does our "need" justify the increased risk of inflicting a wound, undo pain and possibly a long lingering death? I would hope the answer would be no.