Remember that what is BEST and what is most ACCURATE are not neccessarily the same thing.
Your concern over the twist rate and bullet weight is misplaced. With the 1/9.5" twist, the 7mm08 is capable of excellent accuracy with bullets from 100gr to 180gr.
The most accurate bullet may be a real stinker when it comes to game performace. I've had 115gr HP's shoot bug-holes from my T/C carbine in 7-30Waters. However, on deer they fail to penetrate and I nearly lost a 100lb doe I shot with one. On the other hand, a lot# of 139gr Hornady SST's shot superbly through my Rem. Mod-7 in 7mm08. However, I lost 4 of the 5 deer I shot with bullets from that box(component bullets-ran at 2,900fps). The one I recovered was a spine shot that killed the deer, but failed to expand the bullet. It drilled through the deer with no apparant expansion.
The Federal Fusion is developing an excellent reputation for accuracy and performance on game. It is the combination of a "bonding" technology and economical mass production. The Remington CorLokt has an almost legendary reputation for effectiveness on game, but sometimes lack desired accuracy. Most lot#'s I've used were 1-2moa accurate, but some have been outstanding accurate. Remingtons q-c isn't always the best. The Winchester PowerPoints sometimes seperate jacket from core, but likewise perform well. The BallisticTips often give superior accuracy, but game performance is often too explosive, hence the Nosler Accubond.... The Sierra GameKings are just that, the "king" as far as I'm concerned, but more penetration may be desired, hence the Nosler Partitions. However, I've found the Hornady Interloks and Remington Corlokts to penetrate as well or in some case better than the Noslers in the 7mm08.....Hence, I'm not wedded to the Nosler Partitions....
If you reload, you have a plethora of excellent bullets. Some expensive, some a bargain. If you don't reload (you really should) then you are "stuck" with the factory offerings, but some are excellent but excessively expensive.
Try the "standards", the Federal Fusion, Remington Corlokts, and Winchester Power Points. Either of these work well on deer size game. All are probably only offered in 140gr as this the primary offerings for the 7mm08. You might find some older ammo in different weight offerings for the 7mm08, but it has been a long time since I saw some 150gr PowerPoints.
If cost is no problem, the Hornady 140gr Interlok (Boat-tail or flat base) are excellent. They are inexpensive to reload but are pricey in factory form. Be "suspicious" of any of the "plastic tip" ammo. Especially the "coated" ones such as the Ballistic Silver-tip. The coating causes problems in some rifles. The Nosler Accubonds (as loaded in the Nosler "Custom" line) are great, but may cost $2each in factory loaded ammo.
My rifle "prefers" a 150gr bullet for accuracy (7mm-08, Rem Mod-7 w/20"bbl). This barrel is "fast" as it often gives the same velocities quoted for 24" bbls with same ammo/data, or within 50fps. However, just because a bullet is "heavier" don't expect significantly better performance. I shot a 70lb doe with a 150gr Ballistic Tip earlier this fall and the bullet shed the core which fragmented on the spine and failed to completely penetrate the deer. No exit wound and all I recovered was the lower 1/2 of the jacket. The deer was a bang-flop, but a shoulder shot on an elk would have been an entirely different story......
Elk with a 7mm-08 is certainly do-able. Mine has taken one, a large bull at that, but bullet selection is critical. This is the reason there is a box of 0.284" 150gr Nosler Partitions on my bench waiting the day I head west again.
Good luck with the 7mm08. It's an excellent cartridge capable beyond it's apppearances. (just like it's grand-daddy, the 7x57Mauser). Just don't get caught up in insignificant "minutia" such as twist rate. Most factory rifles shoot well with factory ammo. There were a few Savage rifles produced with 1/11" rifling that didn't do well with 160gr and heavier bullets. This is what the "stink" is about twist rate with the 7mm08.
