Bullet: 150 Gr. Winchester Softpoint
In the .270, drop at 500 Yards (200 zero) is -44.1 inches.
In the .30-06, drop at 500 Yards (200 zero) is -51.9 inches.
(Source: Guns & Ammo, 2005 Annual Buyers Guide pp. 152, 161.)
The .270 does push smaller bullets, and is more appropriate for light game as you suggest. But even when the bullets are as similar as possible (Mfg, grain, type, as above), the .30-06 does seem to drop more. Which was my point.
"Which was my point."
Point taken. However, you are comparing two dissimilar projectiles. The 150gr .270 is a high BC, heavy for caliber bullet and the 150gr .30 is a round ball. Plug in the BC for a 180 or 200gr .30 and re-calculate. Please don't get me wrong, the .270 is a superb antelope/deer round but as soon as the OP said "elk" the .270 has to be set aside.