Hornady 140 grain SP-LM, MV 3100 fps, 1443 ft/lbs @500yds, zero @200yds, +1.4" @100yds, -36.6" @500yds.  Should be effective on long range deer and medium to short range elk terminal performance energy transfer.  Two Excellent LM .270 Win. Cartridges.

Rick Jamison writer for Petersen's Hunting Magazine, July 2002, p- 20, Guns & Loads Article Long Rangers, - http://www.huntingmag.com  says in essence that for deer sized game you need a minimum of 1000 ft/lbs of energy and 2000 ft/sec velocity at the impact range for adequate bullet expansion. The bullet needs a sectional density between .215 to .265 and a high ballistic coefficient for long range shots. This is a great Hunting Magazine, I subscribe through the local school magazine drives.

You can look at the various ballistic tables I have on the Net and determine the approximate outer range limit your cartridge and selected bullet will be capable of killing a deer with a well placed shot. If you can't put the bullet in the vital kill zone don't take the shot no matter how capable the cartridge you're using is at that range.

I rounded off the lead figures in feet, 150 yards is about the limit of most shooter's ability to make killing shots on running deer.
I would use a 250 yard zero for deer sized game, it will help you on longer shots and this cartridge has plenty of energy for long range shooting on deer.

Running shots should only be taken under Safe Shooting Conditions! Be alert and never take a running shot unless shooting safety conditions are right, proper terrain and background to stop the bullet, no buildings, livestock, or people anywhere in the area, etc.!

These leads beyond 200 yards are for illustration purposes only! When the shot is deemed necessary 50 to 150 yards is a more realistic running shot.

In many Southeastern states in the U.S., deer are hunted with trail hounds and running shots are the norm. Those Southeastern states include: Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina and Virginia. They post themselves at clearings where the hounds will push them through so they can get a quick shot at them in full flight!

In most of those states they can use both rifles and shot guns, quick shots at running whitetail deer in crossing clearings , —is the rule. For clean kills the proper leads are required with both weapons. (This information is needed by a lot of whitetail deer hunters, so bear with me friends.)