I think you are good either direction. I use my 300WBY for everything, antelope, deer, elk... I think the 300 is a little more versitile - but only a little. The 338 is a great gun and for elk I think it is hard to beat. One thing to take into consideration is the bullet. A 338 will push a 200gr bullet close to the 300WBy - but the BC is lower. PLuss the 300 will have a higher sectional density - thus theoretically better penitration. However, the 338 has greater frontal area to transfer energy better. EIther way you have a great gun that will kill elk. I have killed the majority of my elk with a 270 Win - with 130gr bullets. Shot placement and good bullets will go very far.