As originally loaded, there were several concerns with the .458 Win. mag. Using 500 / 510 grain bullets, powder space was limited, and heavily compressed. This was reported to have resulted in the occasional misfire, as well as velocities considerably less then advertised.
The British always loaded their big bore rounds to relatively low pressures to avoid sticky extraction - cordite was a powder known as being extremely sensitive to the high temperatures found in Africa and India. A lot of folks looked with suspicion at the 458 Win. do to its high pressure loading, as compared to the English stuff.
Modern powders , combined with slightly lighter weight premium bullets have allowed bullet seating with less concern for powder space, as well as very good temperature stability.
The 458 Lott is simply just a 458 Win with slightly more powder capacity, addressing the 458 Win powder capacity concern, while adding a few FPS in the process. I have never shot an elephant, but based on the record of the 458 Win in the hands of several generations of hunters, I would feel well armed.
Larry