100% my opinion, but I would stay away from the PB for elk unless you are going for a head shot. I used to be an advocate for them, but on more than one occasion, I have seen terrible results on elk, which have resulted in a lost animal, both personally and from my hunting buddy. I think they are too soft, and they just don't penetrate on a burly animal like an elk. One elk I harvested stood broadside at 90 yards and sucked up 7 348 grain Power Belts. Shot placement ranged from right behind the shoulder in the pump station to high on the shoulder (I was doing anything in my power to try and put him down when he finally crashed with the last speed loader I had!) I am making the switch to Thor bullets for this season, and am hoping for DRT results.
FYI, peep sites are allowed here in Colorado.
Per the regulations: Only open of iron sights allowed in muzzleloading seasons. Fiber Optics and Flourecent paint incorporated into or on open or iron sights are legal. Scopes, or any sighting device using artificial light, batteries and electronic gear are prohibited in muzzleloading seasons.
I'll also note that sabots and pelletized powders are prohibited.