Sigma -
I'm not doubting the penetration capability of the 6.5x55 with 140 or 160g bullets. But in 20 years I have recovered exactly ONE 160g 7mm Speer Grand Slam -- all the others penetrated completely. The one that I did recover was taken from under the hide on the off side of a big bull elk after destroying both shoulder joints. The point is that more penetration isn't necessarily needed. Indeed, it may be detrimental at some point, as once a bullet exits all its retained energy is useless. I have shot coyotes with expanding and non-expanding (FMJ) .224" bullets at similar velocities, and can tell you that the expanding bullets were always far more effective than the non-expanding bullets -- the difference is in how much energy is transferred to the target and how quickly that transfer occurs.
In fact, on big game I will gladly trade some excess penetration (read that as "untransferred energy") for additional transferred energy. To put that another way, while I prefer exit wounds, I would prefer that a bullet exits with just enough velocity to make a big wound -- but no more. Let's say that velocity is 600fps for the expanded bullet. If it exits at 1200fps instead it has transferred far less energy than I would consider ideal. If we're talking about a 160g bullet at these exit velocities, the difference in retained (wasted) energy is 384 foot-pounds, while for a 140g bullet that drops to 336 foot-pounds. Granted, I'm pulling those exit velocities out of my you-know-what to make a point.
Given equal energy and weights, the bullet that expands to a greater diameter will usually transfer energy faster. If all bullets expand 2x their original diameter, an expanded 7mm will have 16% more frontal area while a .308 will have 36% more area than an expanded 6.5mm.
I could only find two 160g bullet in 6.5mm -- the Hornady 160g RN and the Sierra 160g Pro-Hunter - neither of which are a premium bullet when compared to Nosler Partition/FailSafe, Barnes X/XLC/TSX, or Speer Grand Slam/Trophy Bonded bullets. Just something to keep in mind regarding the 6.5mm -- if you want premium bullets you will probably have to stay with 140g bullets, at least for now. (I highly recommend a premium bullet for elk and larger.)
Since you are considering handloading (and good for you!), here are some numbers taken after comparing my Speer #12, Barnes #2, Nosler # 5, Hornady #6 and Hodgdon Annual Manual. In most cases I used Nosler data for the Nosler Partition because a) data was available for it for every cartridge/bullet weight combination except the 6.5mm/160g, and b) the Nosler velocity data was at the top end or very close to it in all cases. For the 6.5mm/160g bullet I used the Sierra Pro-hunter with velocities from Hodgdon's Annual Manual. (In other words, I made a conscious effort to make fair comparisons.)
6.5x55mm
140g Nosler Partition, S.D. .287, B.C. .490, Muzzle 2790fps, 2497fpe, Nosler #6
160g Sierra Pro-Hunter, S.D. .328, B.C. .390, Muzzle 2524fps, 2264fpe, Hodgdon Annual Manual (with Hornady 160g RN bullet)
7mm-08
140g Nosler Partition, S.D. .248, B.C. .434, Muzzle 2922fps, 2655fpe, Nosler #6
160g Nosler Partition, S.D. .283, B.C. .475, Muzzle 2780fps, 2746fpe, Nosler #6
175g Nosler Partition, S.D. .310, B.C. .519, Muzzle 2612fps, 2652fpe, Nosler #6
.308
150g Nosler Partition, S.D. .226, B.C. .387, Muzzle 3001fps, 3000fpe, Nosler #6
165g Nosler Partition, S.D. .248, B.C. .410, Muzzle 2820fps, 2914fpe, Nosler #6
180g Nosler Partition, S.D. .271, B.C. .474, Muzzle 2718fps, 2953fpe, Nosler #6
I think one would have to agree that the .308/180g combination offers considerably more energy at the muzzle than the most rambunctious 6.5x55?
But what about downrange? Here are the Maximum Point Blank Ranges (calculated for a 6" diameter target) and the 300-yard retained energy figures for the above loads:
6.5x55mm
140g Nosler Partition, 281 yard MPBR, 1609 fpe @ 300 yards
160g Sierra Pro-Hunter, 249 yard MPBR, 1314 fpe @ 300 yards
7mm-08
140g Nosler Partition, 290 yard MPBR, 1686 fpe @ 300 yards
160g Nosler Partition, 278 yard MPBR, 1800 fpe @ 300 yards
175g Nosler Partition, 263 yard MPBR, 1785 fpe @ 300 yards
.308
150g Nosler Partition, 276 yard MPBR, 1574 fpe @ 300 yards
165g Nosler Partition, 278 yard MPBR, 1786 fpe @ 300 yards
180g Nosler Partition, 272 yard MPBR, 1926 fpe @ 300 yards
Once again I think any reasonable person would have to conclude that the .308/180g combination delivers considerably more available energy at 300 yards than the 6.5mm -- 20% more.
Couple the .308's extra energy with 36% greater frontal area and it is easy to imagine that more energy is transferred to the target and much faster than with the 6.5mm.
If you want a 6.5mm, go for it -- bullet placement will count for more than anything discussed above. But I will stick buy my belief that a good .308 load is a significantly better choice for elk and larger and that a 7mm-08 is a slightly better choice.
Remember -- you can always load a .308 down to 6.5mm/140g recoil levels, but you cannot safely load the 6.5mm to provide the downrange energy the .308 can deliver.