Yes, do it! I have a rifle chambered in this round and have been very tempted to build another. I have a custom 1903 .338-06 with a Leupold VXIII 2.5-8X36 sitting on top, 24" fluted barrel. I picked this rifle up for $600 used at a local gun shop and by the time I added the scope, rings and bases I walked out the door with about a total of $1100 in it back in 2005. It was a consignment sale so I got to talk to the original owner and received as well his reloading dies and brass.
I've only got one load for this rifle and it is straight from the Hornady Manual. IIRC the manual states 57.1 grains of RL-15 is max charge, I'm using 56.5 grains, with CCI LR primer, properly headstamped Norma brass, and Hornady's 200 grain SP bullet. This combination is getting me 2880 fps across the chrony, and I was able to put 5 shots inside of one inch with this load so I quit development. Zeroed at 200 yards it only has 24" of drop at 400 and 1600 ft-lbs of energy plenty for any elk I might run across so it really isn't what I'd call a short range rifle more of a medium range one.
I've only killed one game animal however with this rifle and that was a pronghorn doe last season. I took her at 200 yards with my load, slightly quartering shot. Bullet went in behind the shoulder and exited near the last rib, she only ran about 50 yards but she was dead on impact.
My one and only complaint about my rifle is the weight. My rifle comes in at about 9.5 lbs and it gets kind of heavy when carrying chasing elk. However the weight makes it a honey to shoot because a 200 grain bullet moving nearly 2900 fps could be a shoulder thumper for sure.