I hiked all over that country for 7 years fishing and such when we lived in Billings. Haven't been there in a few years. I didn't see many elk...at all. I'm sure there's a few, but they are not in abundance like many other areas are. It's some steep and tough country.
That's what I would say too. There are elk in there, but I can't recall ever having seen one. I grew up hiking there, left MT for a few years, and have been back for the past 9 years. I have hiked on and off of the trails (mainly West Fork and Lake Fork). I see deer, moose, bear, and many mountain goats, but I have never seen an elk. I know some people that hunt the beartooths for elk, but they usually chase a heard that moves back and forth off of private closer to Nye or Absarokee. I think if you hunt the backside of the ski hill, you are in for a great day of sight seeing...
I have seen some elk across the valley as you are starting to go into the mountains and up the pass but I think it was private. In archery season couple years ago there was a few sets of tracks on the wma up there but they seem to be few and far between