ourabmen,
First Welcome toGraybeard Outdoors. For elk a .30-06 is a good choice although the 7mm RM is good also. Factory ammo is somewhat cheaper for the 06' and it does have a milder muzzle blast. You canstill get cheap ammo for practicing. Maybe the following will help you;
7mm RM, 160 gr. at 2,950 fps., 8.5 rifle has about 23 lbs. free recoil
.30-06 Spfd., 165 gr. at 2,900 fps., 8.5 rifle has about 19 lbs. free recoil
.300 Win. Mag., 165 gr. at 3,100 fps., 8.5 rifle has about 28 lbs. free recoil
A Nosler 165 gr. Partition .30-06 load will work for any elk that walks. If recoil bothers you a bit then go with the .30-06. Lawdog