When I began my application strategy, I looked at every state, with elk in mind first and foremost.
New Mexico: because it's a completely random draw, and you get all your money back, less a few app fees.
Idaho: again, random draw, and when I don't draw, I'll hunt OTC, so I'm not really out the license fee.
Utah: costs about a quarter of the price of Nevada, when you factor in the $65 license, and the requirement to only buy it every other year. Many more available archery tags
Arizona: better season dates, more available tags, and just the desire to ultimately hunt Arizona.
For me, I'd prefer to hunt elk in the rut. I don't have much of a desire to hunt them in the late season, and since the vast majority of NV opportunity is all later hunts, I passed on it when building my app strategy.