If you can hit from field positions at 500 yards, then I say go for it. You do need to be able to hit the flat part of a paper plate at unknown range near 500 yards from field positions though.
I too have seen wounded elk get away. Usually shot at relatively close 100-300 range by people who don't practice, sight in or spend any effort preparing for the shot.
So I don't see why a guy practicing at range, learning his rife, etc should be discouraged.