Given your situation and ability to Elk Hunt every year, I would say definitely yes to Montana and Wyoming. You could do the preference point game in Montana and be able to hunt probably every third year. Whether you want to play the $25 per year bonus point game is up to you. If you do that, you can always have your name in the hat for a limited entry tag on the years you draw your general tag. For the archery hunter there are some easier to draw limited entry hunts compared to rifle opportunities in Montana.
For Wyoming, you can buy your points, but would advise putting in every year, and on the years you know you do not have enough points to draw a general tag you could aim high For units that have at least one random tag, and always have your hat in the ring for a great tag, but then be able to general tag hunt once every few years (assuming you are willing to pay for the special tag).
As far as other states go You probably would have to choose between New Mexico or Idaho as far as random states. The investment in Idaho every year is a little bit higher just because the nonrefundable license price is higher. You could always play the game in December and try to get a tag, but for someone trying to hunt the same area year after year Idaho is very unpredictable. The draw odds for non-residence for top controlled hunt tags are pretty bad, similar to New Mexico, which is a cheaper state to apply to year over a year. It would be reasonable to choose either one, both, or neither of these.
I would not do Utah, Oregon, Nevada, Washington, or the Dakotas given your situation.
Arizona is worth a look given that you can buy/build points, and you always have a chance at a tag. Archery options are more open in Arizona than the rifle only Hunter.
