I've seen texas sized deer (I'm in Texas : ) ) run for almost a mile after being shot with a 7mm weatherby mag. Good shot placement, excellent bullet performance.
I've dropped both of the deer I've shot with my 16" .223 remington.
Nothing magical about .30 caliber. I'd bet lots of money that no one here could tell the difference between the wounds of a 30-06 and a 270.
If you can bow hunt an elk. . . . There really isn't much you can't use. Just use the right bullet. Learn how to shoot. Not just once a years come deer season.
Granted, I'll take my 7 mag to hunt elk. . . . but I just like sore shoulders.