I am not saying its a perfect calibre, but if you have one (as I have had for 20 years) you can optimize its performance.
Exactly how much will depend on your rifle, but with a magnum length action you can get around 10-12% increase in powder capacity with the bullet in place (pre-seating capacity is meaningless) - so your effective load with a 500 gr bullet will be roughly the same as a Lott. (In my CZ the finished 500gr Hornday FMJ COL is a tad over 90mm, so less than 2mm short of a Lott). Note that this type of loading only works with longish bullets as you want to leave a minimum of 10mm and preferably a full calibre (say 12mm) in the neck.
For crimping I swage a groove at the desired position using a Lee factory crimp. You can also use other devices for this purpose - or you can cut a groove using a lathe if using a monolithic.
On the banded bullets (which are now much more popular than standard jacketed rounds with most hunters) and actually better for this type of loading you can just choose an appropriate groove.
Although I haven't had any set back problems I am also considering cementing the bullets in place (as was/is done with some factory loads).
As for the use of lighter bullets, it all depends what you are seeking to achieve. I know one PH who only uses 400gr Swifts in his 458 - but then he is not shooting elephants. 450gr monometals (Barnes, Peregrines, etc) are currently very popular and all reports I have heard have been good. Its worth bearing in mind in this context that 480 and 465 gr bullets were standard in the 450 Nitro.
Where the lighter bullets really come in is that they make the rifle more versatile - i.e. you can use it for shooting plains game. Higher velocity loads are also much better than slow, heavy bullets on cats.
One final thing: I am not recommending a .458WM as a dedicated elephant hunting rifle. In fact its not my first choice as a hunting rifle for anything. However the point is that you can quite easily improve the cartridge's performance to equal or even surpass that of a 450 Nitro - which was the original objective. I would also far sooner have any 458 calibre rifle than any 375 in a charge situation.