Just a thought here. If it's a .54, a round ball will be plenty good for taking an elk. I would think twice about using a .50 round ball for elk, especially if you've never hunted elk with a muzzle loader.
I personally like the round ball better than a heavy bullet because it's faster and flatter shooting, and bullet manufactures will disagree with me, but it's usually more accurate than most (excluding paper patched) conicals under 100 yards or so. A conical will give you a gain in range, but you really need to be familiar with the trajectory, since there is more of an arc.
I've taken six elk with round balls, five of which were with a .54. A good broadside shot to the chest will zing right through them. They usually trot a short ways, stop, then fall over. With a good lung hit, the lungs ooze out in the form of purple jelly.
I don't want to talk you out of using a heavy bullet, I just thought I'd add some personal observations in case you thought a .54 round ball was too light for taking elk. I personally have no experience with taking game with conicals, but I've seen two elk and a deer taken with maxi's and sabots, and I just wasn't very impressed. They just didn't match all the hype that was written all over the box they came in. Hope this helps, Bill