Dano,
I have an M700 that was just rebarreled to a 338-06. It's wearing a 24" Hart 1x10" barrel, and I already have a batch of Lapua '06 brass already necked up and ready to reload. No stock yet, so it's not operational at this point.
This is my second 338-06. The first was an '03 Springfield I built up many years ago. In that one, I found best accuracy with the 250 grain SGK with about 47.3 grains of IMR4064. The hunting load with the same bulit was was RL-19 at 61.2 grains, for about 2500 fps. With the 215 grain SGK, the accuracy load was RL-19, at 59.4 grains. The Hunting load was the same powder, bumped up to 65.8 grains. If that sounds familiar, it's right out of the Sierra manual; that was my rifle that was used to develop that data.
I'd be more inclined towards a Nosler 210 or 225 Partition for elk now, but that should be a good place to start with the loads. For anyhting at more extended ranges, I'd probably take a look at the new Berger 338s. Still, this isn't really what I'd call a long range cartridge. Great hunting cartridge, no doubt, but not one I'd want to be stretching across canyons or open plains unless I really had to.
KevinThomas
Lapua USA