I shoot a 45# straight limbed longbow with 575 grain arrows.  I'm getting about 120-125 fps with that set up.  Is that enough to hunt deer or elk with? Any help would be great.

Yes it is enough....but you will probably find trajectory troublesome beyond about 20 yards.

I hate to say it but it wouldn't be enough for me.

I think it is great a fellow Coloradan replied.  Canon isn't all that far off.