Have you ever used an FFP reticle before? If not, realize that you will have to learn a new system. If the elk hunt is for this fall that doesn't give you a lot of time. And you say "you've been told" you should get one. No offense, but I'd highly recommend looing into the benefits and drawbacks of FFP vs SFP and making the decision yourself.
Do you currently have a rifle with turrets that you use? Or do you prefer a BDC style reticle?
I once thought the illuminated reticle would be cool too, but having read about how they can actually be a detriment in low light I no longer see the need for one.
And, what is your budget?
As the owner of several Weatherbys I'd recommend:
1) swapping your trigger spring and adjusting the trigger pull down if you feel comfortable doing that: Weatherby Rifles Forum - How to MOD your MK V Trigger.
You will need a trigger pull gauge and some mechanical ability, else buy the spring and let your gunsmith do it.
2) best mounts are from Near Manufacturing: Near Manufacturing - Rifle Scope Bases
If that's too much money then consider Talley rings and bases. Talley Manufacturing, Inc., Quality Scope Rings & Mounts
3) my absolute favorite sling: www.sloganoutdoors.com
4) Harris bipod that pivots in your favorite length: Harris Bipods - HBLS Bipod
Unfortunately you will probably have to purchase a couple of boxes of ammo and see what your rifle likes best. I'd look at the 225 Barnes and 250 Partition: .340 Weatherby Magnum | Cartridges | Ammunition | Products | Weatherby.com
Have fun with your 340!