Speedy,
My recommendation would be for the 40MOA.
I don't shoot the ultra-mag, but I spend a great deal of time behind a 338LM. My primary load is a 285gr Hornady HPBT running at 2800fps. Given 50f, 28.00inHg conditions, and a 100yd zero... it takes 27.2 mils to get to 2000yds. 40MOA sloped base allows me to maintain a 100yd zero, and still take full advantage of the 338LM effective range.
At 27.2 mils (roughly 95 MOA), there is no way I could achieve that adjustment with a 20 MOA base, given my Premier 5-25 has a total internal adjustment capability of 29 mils. (roughly 100 MOA) I have 28 mils available in the turret, and as you can see, are very close to maxing it out on a 2000yd shot.
With a 20MOA slope, I would have to subtract 5.7 mils off the top of that number, giving me a maximum elevation adjustment of 22.3 mils. That would top me out at around 1800yds.
With this in mind, my recommendation for 40MOA is based on you having an optic with at least 100MOA/29Mils of total adjustment. If you don't, then you won't have a choice but to use 20MOA slope, and have reduced dial-able range.
Also, there is no reason not to run a 100yd zero with either of these setups.