Hi David,
Here's my thoughts on hunting bows. I've killed a couple of Roosevelt elk, a couple of bears and some deer with traditional bows, but I am by no means an expert. So, take this as just one man's opinion.
Don't start with bow weight. All bows, and I'd say especially selfbows, are different. Start with the arrow that you intend to use while hunting elk. Figure out the how heavy the arrow is, ready to hunt with. Then shoot it through a chronograph. If you get really carried away, like I tend to, you can even make a plywood "shield" by doubling a 3/4 inch sheet and cutting a hole in it the same size as your chronograph window. With the shield in place, step back to 20 yards and shoot through the chrono again and see what speed your arrow carries at that range. BTW, most chrono windows are approximately the same size as elk vitals so you could find your effective range this way as well.
When you've got your numbers you could compute your momentum and see where you are at. As a guide you could use the numbers that Dave Sigurslid published in Traditional Bowhunter magazine for elk. I believe he settled on 700 grain arrows going 150 fps or 750 grain arrows going 140 fps.
I can tell you from personal experience that a 625ish grain arrow, traveling approximately 170 fps, can break the rib of an elk on the entrace side and break a rib on the far side as well. I've used a set up that produced those numbers four times. Once with a complete passthrough and three times with the broadhead protruding from the farside, but with the shaft still in the animal. This was with a Howard Hill longbow, not a selfbow.
As Justin mentioned above, an exit wound is not necessary, so I'm sure that you could kill elk less than what I've used in the past.
One other thing, make sure that you tune your arrows really well, as I think that a true flying arrow is why some people get so much better penetration with lighter setups than others get with heavier setups.
Finally, with a well tillered #56 bow and appropriate arrows I sure wouldn't want to be the elk that you were shooting at
Hope this helps,
Stan