IIRC, the AUM conversion for elk to cows is about 1.5 to 1 (3 elk to 2 cows). If you figure out the state grazing rate and the number of elk on a property, you can come close to a dollar figure that matches livestock.
PERC is doing some interesting work on this relative to elk usage and compensation for providing the space for animals, but it max's out at $12,000 (I think). repeating that on a larger scale is difficult on public dollars due to diversion issues and loss of control of funding. However, this is where other states have adopted other models that help landowners get the dollar figure they need to make wildlife less of a burden (remember, many states hold that wildlife exist as a condition of the land, and landowners must bear some tolerance towards them as they do the wind, rain and soil). Wyoming's walk-in program is very inexpensive but it provides what most landowners are looking for: A way to manage the hunters so they don't conflict with their operation. MT has multiple programs including Block Mgt, PALA, Habitat MT (both short term and perpetual conservation leasing), Upland Game Bird, Waterfowl, etc.
I'd actually posit that MT's conservation leasing system is better than NM's transferability because you're doing more than temporarily supporting ag through the transferability of licenses by supplying large payments for term leases that protect land for 40 years. Those landowners get a large up-front payment, tax abatement and they provide managed access for recreation, while also ensuring family agriculture can afford to stay on the land.
The NM system is a hand-to-mouth system at best, and it doesn't seem to provide long-standing conservation benefit because there is no real commitment beyond the license for conservation.
