Have had, and handloaded for, this round for quite awhile. It's incredibly easy to get consistent accuracy out of, with a variety of powders. Most 7-08 chambers are a little short so, although there are bigger .284 bullet weights, typically 150gr is about your limit while keeping the velocity up unless you have a long-action magazine box and can open things up in the barrel a touch. My favorite all-around (and not spendy) bullet is Hornady's simple 139gr boat-tail, same bullet used by the old Western cartridge company way back, like eons ago in their 7x57 ammo. Even till recently I've found boxes of those very consistent in weight throughout many boxes. If not, a 140gr Ballistic Tip performs wonderfully. My powder of choice is Win 760, but YMMV.
For some more velocity you can do the 120gr Ballistic Tip as well. That particular 120 is not just for varmints. I talked to Nosler a few years ago and, because hot-rodders were loading to disintegration-velocity in their blasters, they stiffened up that bullet and it makes a very fine "across the field" deer round. My MV's are down about 175fps from published due to the 20" bbl on my 'meat' gun but for white-tails it's not noticeable. From a M-70 you should have no problem getting good velocity out of your loads; the accuracy will take care of itself if you do your part. A great choice & for most
'sporting' purposes would take it over a .308 hands-down. Very pleasant to shoot as well if there are younger ones that might use it.
All that said, there is no way it's going to compete with any of the 7mm mags in terms of real long-distance work, in a rifle of practical size. It was designed as a modern replacement with 7x57 ballistics to avoid "hotting up" a 7x57 (great round) and having someone stick it in their beat up 19th century gun and then stick gun-makers with lawsuits.
In a mag nowadays I'd probably go with the WSM, but that's just my dislike of belted cases, unnecessary in most rounds.
Shopping for a new rifle; what a neat dilemma!
