I shoot a 7 mag as my all-around rifle, and there are people that would tell you that it's not enough gun for elk! Elk can take alot of killing if they want to, and a .338 in the guts is going to do alot worse than a .270 behind the shoulder! My great grandpa, grandpa and dad all remember trading in their .30/06's and "upgrading" to a "real" elk gun when the .270 became common out here. My brother still hunts with our great grandpa's 1948 M70 .270 as his only big game rifle, with Nosler 130 Accubonds as his all-around load with no trouble to date.
My girlfriend shoots an M700 .270/Leupold combination that works great for her. She's 5'x 105 lbs, most girls her size would be shooting a .243 or 7mm08, but she believes in killing stuff right now. Last fall she killed a big bull elk, bull calf and a 150" whitetail with three shots total using 150 Nosler Partitons, what i consider being the top of the line bullets for the caliber.
Go use your .270, put meat in the freezer! Hit 'em right and they won't have a a clue you weren't using a .338 Remchester Super Short Ultra STW with all copper XYZ bullets.