It will work just fine just avoid the shoulder blade and hard quartering shots especially at close ranges but there are better options for elk size animals. An accubond or bonded bullet would be a better choice or a copper monolithic bullet for better penetration, breaking bone or hard quartering shots. At what ranges will you be shooting at? Each bullet has its pros and cons you just have to find one that best matches your intended use. Good luck
For elk I would go with the Accubond. Ballistic Tips do their best with lighter animals like deer. Ballistic tips need to have less than 3000 fps impact velocity or they really come apart. In my experience impact velocity on deer 2800 fps and under is perfect for the Ballistic Tips. Accubond is a tough bullet that will handle much higher velocity and still hold together and penetrate. I run the 130 gr Accubond in my 264 Win mag at 3350 fps and it will hold together and penetrate through both shoulders of a good size white tail as close as 25 yards. At 111 yards it penetrated on a buck that was almost facing me with left shoulder angle at me through the scapula all the way through to smash the right ball socket in the ham. Bullet weight was 87 grs and text book mushroom.
My experience with the Ballistic Tip on deer sized game in areas other than the rib cage is that it will blow a hole the size of a hardball. After speaking to Nosler C/S the reply was that it was designed as a Hunting Hollow Point shooting at the vitals. Over 15 years ago. My choice would be the Barnes TSX or the TTSX for Elk sized game with great accuracy as well as 90++ % weight retention.
Based on personal experience, I would NOT use the Balistic Tip on elk. I would even be very careful with Accubonds and call your shots very carefully. I’ve taken elk with the 270 Win as it is my favorite caliber but, IMO, I would stick with the 150 or 160 Partition. Your Balistic Tips are much better for whitetails.
I too have a 270 wsm that my wife has pretty much taken over. Guess I need something new to replace it! Anyway, I have been really happy with the 140gr Accubond at 3,100fps. My wife shot her bull elk at 400 yards with it. It only took 5-10 steps before falling over.