Would using CanCore mean that a project or metadata record would be limited to CanCores subset of LOM elements?
No; the subset of elements identified by CanCore, like anything else it specifies, is a recommendation. It is assumed that projects will augment these elements with others –developed independently, or taken from the LOM or elsewhere. Also, CanCore –like the LOM standard– never requires records to contain all of the LOM elements it identifies. The subset of elements recommended by CanCore should be seen as an interoperable set of elements. No project using CanCore need use all of its elements but it should have the expectation that other CanCore projects will be able to read and understand those elements used that are included in the CanCore Profile.