Sharp broadheads are the number one variable for penetration. Not elk, but have put 300 grains arrows at 300+fps through whitetails at 50+ yards with 1.75" 3 blade mechs.
Many of the broadheads rf loves to shill are great ,but not sharp enough out of the package (magnus). Honestly, I have not tried a lot of broadheads, but with magnus stingers for my kids and the big mechs I have been shooting forever, getting the blades scary sharp has made the most difference. I'm sure there are some companies that send out sharp blades, but I haven't had any that I feel are up to snuff in a LONG time.
As far as trajectory, for fixed heads I like to keep things around 280 fps. If the energy is there, I like to shoot 5 grains per pound and get as much speed as possible. My current set-up is an 83# rx8 ultra at 30.5" pushing a 440 grain arrow at 312 fps. That's about 95 ft/lb and has no problem breaking shoulders even with big mechs. I have a lot of quick bowhunting encounters in the thick stuff where speed saves the day.
I know this isn't elk experience, but depending on bow, 70# at 30" draw is a lot of juice. You can do pretty much whatever you want and be good on penetration for normal bowhunting ranges.