I am a runner and cyclist. I like to do some local "fun races" here and there. I don't think running a fast 5k translates well to hunting, though. Hunting requires so many different physical demands, that being fit in a well-rounded sense is the best bet.
However, running is the single best exercise that helps get a person into cardiovascular shape, which is the first building block to being elk-hunting fit, IMO.
Right now I am nursing a PF injury, so I have been spending a lot of time on the bike. While that is still good excercise, it isn't AS good as running!
Good luck this year!