Hey Sam--My favorite elk hunting footwear is minimalist trail running shoes. Low to the ground means less risk of spraining an ankle, and ultralight saves major fatigue. I HATE Gore-tex and leather, since once wet they take forever to dry (and your boots WILL be wet on any elk hunt). I use inov-8 Trailroc 245's and think they're about perfect, and have packed 100+ lbs in them for miles. Would never go back. Even better, you can usually get them on sale for $60.
On merino, try to get some that is not 100% merino. I like an 80/20 with nylon--gives it a lot more strength. I find my stuff cheap on places like Sierra Trading Post, and they'll occasionally give out a coupon code from their Facebook page for an additional 40% off.
Other necessary gear? I'd say my Sawyer mini filter, spliced into my Platypus water hose. Just fill the bladder and drink! Also my Opinel Garden knife--perfect size, shape, and under 2 ounces and $12. Or my 7-ounce Stoic down puffy I got for $50. Or...
Will you be backpacking? Spike camp or bivy hunting? If you're interested, here's a pic of my full gear list for bivy hunting, with weights listed:
Pete