I have a custom .300 Wby that weighs in at around 8# with a sling and full of ammo. I also have a muzzle break to cut the recoil down while I'm at the range. I can be screwed off if you want to while your in the field. I don't use it for deer, thats for my M77 Ruger 25-06. Muzzle breaks make a lot of sense for light guns in big calibers. You should consider using your M70 in 270....great for deer and with the right bullet will do just fine on elk too. great peice to start with. Comp stock will help immensely.
My turkey gun (a Browning BPS) is 10 ga and its does belt you around.!
Yeah I guess I could get a mcmillon or something similar for the M70 .270 I have but the barrel is blued and I'm a little hesitant to use .270 for elk. Though I know in most cases it's plenty of round for them, I like the idea of having a little extra caliber for the times it's needed.