I voted 6.5 CM because I don't think any of the magnum cartridges get their best accuracy out of an ultralightweight. Most people, including me, can't shoot them well. Reasonable enough for normal hunting distances, but beyond 350 yds or so I'd go with something with a nice balance of weight and shootability. I've got a tikka 243 thats 7 lbs ready to hunt, but I prefer carrying and shooting my 9 lb 7 rem mag. The 20" barrel on that 243 barks WAY more than it should.
Since you're hunting suppressed and want to hunt elk, I'd go with the 6.5 PRC and a 20" barrel. As others have said, you will have to check to see your retained velocity is adequate for expansion at 600 yds in your short barrel. I've yet to take my first elk, but many experienced elk hunters recommend a 300 magnum as ideal. If you're willing to limit your shot presentations and distances an ultralightweight is doable.
I just built an elk gun myself and it's a 9-9.5 lb 300 PRC with 24" barrel. YMMV. Personally, I don't think ultralight rifle and long distance elk hunting are compatible. My BIL has a lightweight 300 Weatherby. It is deeply unpleasant to shoot without the muzzle brake. Your suppressor will help, but it's not as effective at taming recoil as a muzzlebrake. If suppressors were legal here, I would absolutely build a 20 or 22" 300 mag, but I would want it to weigh at least 8 lbs.
Just some thoughts from a random guy on the internet…. Worth what you paid for it.