Mike,
Just to remind you, Fred Eichler has taken every recognized species of North American Big Game with a 54# Palmer recurve, including the big bears. An elk is "softer" than some of those other species and certainly does not require a heavier bow than 53#. Nothing wrong with more power, but you sure don't need it. What you need is to be able to shoot a good, well-tuned arrow with a sturdy, sharp broadhead out of your bow and accurately hit the elk in a vital area at the correct angle. Then you must be able to track the elk to where it died, so you can recover it. Buying the right bow is the easy part, and you have accomplished that mission.
Allan