Yes. I do that with a .35 Whelen, which is similar. You can launch a 225 grain .338 bullet from a 338-06 at around 2600 fps in the Nosler manual, and up to 2675 with some of Hodgdens's powders, while exceeding 2750fps with the Sierra 215 grain bullet using BLC(2), which is good enough for elk at 400 to 500 yards, and will stomp a deer within 600 yards. Your brass is easy to make just by passing a 30-06 case through a sizer and trimming the mouth, and bullets up to 300 grains are easily available. The best weight range for this round is the 200 to 250 grain bullet, with top performance in the 215 to 225 grain range. If you get an Ackley Improved .338-06, you can add about 75 fps to all velocities and with some bullet weights, as much a 125 fps. I'd like to have one, but my .35 Whelen does all the .338 will do and a little more. The advantage to the .338-06 is bullet weight and B.C. which is high. The .338 caliber projectiles are like the .284 projectiles and give a high B.C for weight. Get it made with a heavy sporter barrel or light varmint barrel at least 24 inches long, and 26 is better. That adds about 50 to 75 fps to the velocities, and makes it possible to get good results (above 2575fps)from even the 250 grain bullets. That makes it a good bear-moose round, too. Also, barrel life will be high. I've shot around 2500 rounds through my first Whelen and it still holds within 0.7 for 5 shots at 100 yards.