Chuck, Don't hesitate to use it.
It's not the age of the bow we should worry about.
Our broadheads must be scary sharp with good placement.
Do this and ABSOLUTELY expect a pass thru or at least puncture the other side.
Here is a 1968 Super K. #53 cedar arrows, Bear heads.
1970 Bear T/D #55 Aluminum shaft, wensel woodsman heads.
Both arrows blew clean thru. Not an elk but expect the same. Sharp heads are the key.
Good Luck!......Philip