It can be very effective early season... As the rut progresses you will be dealing with herds instead of singles so your chance of being busted go way up. If possible, use a tree stand to help with concealment/scent.
To me, good elk hunters are opportunistic. You can't go in with just one game plan and stick to it unless you have a unique situation where you know what the elk do daily...even then adaptability will produce more elk. You need to be willing to spot and stalk, do calling set ups, sit travel corridors, or as your looking at, sit water. Sometimes a combination of these is needed... Good luck and have a blast learning- I know I did.