at the heart of the debate is what caused the extinction of many of these great creatures in the first place. and that in itself is an even bigger long running debate amongst scientists. either way - in my mind, be it primitive man or climate, the extinction of mastodons, horses, camels etc from north america was entirely natural and thus "rewilding" isn't really about restoring the natural balance, its about creating an entirely new one.
in addition, an asian elephant might be the mammoths closest living counterpart, but that doesn't necessarily make it a viable alternative. mammoths were extreme cold climate adapted elephants, asian elephants do notoriously bad in cold weather for long periods. thus keeping them in barns during winters will be necessary for often up to six months of the year in northern states. hardly, "rewilding" and hardly ethical in my opinion.
its a great idea for a theme park in southern california. but thats about it.
i think before anyone considers releasing african lions into the wilds of the midwest, they might want to start with establishing a much more recently extinct cat, such as the jaguar in some of the southern states.