I'd have zero problems using that 120 X on antelope/mulies, Zak. & yes, from the Wife's 7-08, but she's yet to shoot anything with the 140 X bullet - just the 120 Nosler BT. Her antelope was all but a perfect broadside & the bullet didn't hit any major bones.
Likely your 120 X would also work fine within reasonable ranges & a clean broadside shot on elk. Seems a bit light to my thinking for anything as massive as an elk's shoulder, although a high shoulder shot/scapula isn't a killing shot, but does drop 'em right there usually.
I'd rather sacrifice some velocity for a heavier bullet when dealing with elk though.
I've personal experience only with the .30 cal 165 XBT at 2400 FPS MV & it's shot right through 3 elk so far - & one lengthwise - seems to live up to their claims of excellent pentration. Expansion, through following bullet path looked on par with the 30-06 180 GameKing I use in the weightier rifle. Never recovered an X, so can't comment there.