In 7-08 I've got an 84M Montana, 700 SS Mountain Rifle, M70 Ranger Youth, and a SS M7. All of them allow me to run the same POI/POA with 120gn V-max/TSX @ 3050fps out to 600+. I run my tables for the TSX and I "cheat" a touch extra elevation/windage for the V-max. The V-max gives such a nice satisfying audible "Whack" on a steel target, along with blowing off enough paint that you're darned sure where you're hitting. I'll fuss and fret about the wind on a given day with the V-max then when I figure I have a handle on the conditions for a given day, I'll shoot the TSX to verify things are working as they should. The TSX doesn't give nearly as dramatic visual or audible effect on the steel, so I volume shoot the V-max, partly for the effect, and partly because its significantly less expensive than the TSX and still teaches me what I need to know.
No, I haven't used the 120's to kill an elk, but, I've killed enough elk myself and been in on enough others to know that they'd work just dandy.
