I will say this, I can't tell all that much difference in the recoil of my .404 and my .458 Lott. The Lott does come back a little more, but not enough to say that you'll enjoy one and not the other. There just isn't that much difference. Mine are both made on the same action and the Lott is about a quarter pound heavier. However the .404 is my favorite and the one I will take if I get the chance to go to Africa. That and my .340 Wby. Like I said, I havn't played with it, but if case capacity of the Dakota round is close to the Jeffery, I think you'll get your best loads with Reloader-15. It isthe best powder in the Jeffery as well as the .416 Rem. I've had two of those, so that's not just my opinion. Several companies are starting to offer good bullets for the .404, Swift, Barnes and Hornady and of course Woodleigh. The Woodleigh's are really good bullets and seem to be quite accurate. I have the Barnes "x" bullets in their original configuration, but I haven't tried them yet.
I believe you'll really like a .404 in any configuration so go for it! Scope it with a good low power scope, [I don't use anything but Leupolds] in quick release rings and bases and you'll have a great African, Alaskan round, that wouldn't be rediculous to use on elk, with a lighter bullet.