KeepTrying,
So first, there's so many variables involved with each situation to dictate shot placement my general response for elk is no, point shooting an elk is generally not a good idea as a solution for close range shooting. I also have to state for completeness that we as elk hunters have the responsibility of knowing our game, particularly their anatomy and physiology in the case of choosing a shot placement. For the reasons of bullet failure, choosing a shot that would have more dense target material would only compound the issue. So there's assumptions on my part with my reasons, namely the bullet choices of most North American hunters when compared to a safari hunter in other areas of the world. The bullets of choice for most of us are based around the expansion of the bullet to transfer energy with penetration to cause critical levels of trauma whereas dangerous game and safari bullets are designed more with all out penetration in mind and achieve their kill similar to a broadhead on an arrow, massive blood loss with some amounts of shock trauma or a nervous system shutdown through a no reflex shot placement (something we in the "professional" world are trained to do to lessen threats as quickly and safely as possible). If you look at the locations of the major vitals on an elk, a point shot to break the animal down in the shoulder would have low odds of causing lethal trauma to the major organs right away but will cause some rapid blood loss and could cause some nervous system shutdown. Another negative to the point shot is typically a lot of tissue damage to some good meat on the animal and could make for some creative field work in breaking the animal down and packing it out. Ultimately it takes a bunch of research on different bullet types and manufactures that reach the result you want, use your field experience to determine what situations you expect and what your personal limitations are in terms of shooting conditions. You don't need a crazy high BC, long range designed bullet if you're shooting inside 500 yards with a 300 WM, thats my professional opinion. Bullets such as the Nosler partition, Hornady Interlock, or another flat-base, bonded core bullet is probably the better option for your situation. Another bonus, a flat-base bullet typically has precision attributes to them in the close to mid range areas do to the center of gravity benefits of a shorter per weight bullet designs.
All of that being said, my observations and experiences on bullet failure in this sense is that the bullet over expands too quickly and looses mass needed to penetrate to the desired depth. The shot I would take in this scenario would either be the path of lease resistance to the vitals (really the shot we're all after in any scenario) or a nervous system shutdown by taking a neck shot. There's a lot of debate on that shot placement and its a very small window between good results and a wounded animal.