If you're dead-set on 16oz or less, Merino, for Archery Elk, then my advice would be to grab a Stone Glacier Chinook Hoody and your vest of preference.
Here in Washington, 80%+ of my hunting conditions and applications from August through October are covered by a lightweight Merino blend tee (Duckworth Vapor is great) + SG Chinook Hoody + Sitka Jetstream vest.
Compared to the most similar recommendation (thus far) in the thread -- the Ridge Merino Convict Canyon, I much prefer the extra length, material composition, and overall drape, of the Chinook over the Convict Canyon for hunting applications. I converted my Convict Canyon to a casual wear piece for warmer weather.
Happy to post comparison photos if helpful.